Introduction

The Directors are responsible for the determination of the Company's investment policy and strategy and have overall responsibility for the Company's activities including the review of investment activity and performance. All of the Directors are non-executive and, save for Kimberly Tara and Liane Luke, are independent of the Investment Manager.

Board of Directors

Keith Oates (Chairman) was Executive Deputy Chairman of Marks & Spencer plc from 1994-1999, having joined as Finance Director in 1984 and having been appointed joint Managing Director in 1991. He was the founder and then chairman of Marks & Spencer Financial Services for 15 years. In addition to Marks & Spencer, he has held executive positions with the Reed Paper group, IBM, Black and Decker and Thyssen-Bornemizsa Group. A Governor of the BBC from 1988 to 1993, he has also been a non-executive director of B.T. plc, Microwave Communications, Inc., the UK Financial Services Authority, the Great Britain and English Sports Councils, John Laing plc and chairman of Quest. He was a non-executive director and chairman of the Audit Committee of Diageo plc, whose brands include Smirnoff, Johnny Walker, Guinness, Gordons, Captain Morgan and Baileys for nearly 10 years until 2004. He was also a special adviser to Coutts Bank in Monaco from 2002-2005. He has been a Member of Council (Governor) of Wycombe Abbey Schoolsince 1995. He was appointed a non-executive director of the English National Committee of the Forestry Commission in 2007. Keith graduated with a B.Sc (Econ) from the London School of Economics, a business diploma at Umist and a M.Sc from Bristol University. In 1998, he was awarded an honorary Doctorate of Science (D.Sc.) from Umist and an honorary Doctorate of Laws (LLD) from Bristol.

Sir Henry Studholme is an Engineering graduate of Cambridge University, a Chartered Accountant (FCA), a Chartered Tax Adviser (CTA) and accredited Commercial Mediator (CEDR). Resident in the UK, he has extensive experience as an owner manager of timber and forest estate in the U.K. and also has overseas experience. He has worked in an advisory role to the GB Forestry Commission for the last ten years and for the last four years has been a GB Commissioner. He chairs the Forestry Commission Audit Committee. He also has strong commercial experience including being Group Financial Controller of S.R. Gent plc and a Director and Chairman of the Audit Committee of Integer Ltd from 1993 to 2002, where he was Chairman from 2002 to 2007. Sir Henry is currently Chairman of the U.K. South West of England Regional Development Agency.

Mr. Martin Ricketts is a Cambridge graduate also and holds an MBA from INSEAD. He was the Managing Partner of Euroconsult Monaco for 11 years until 2007 and has extensive experience in financial and operational analysis, acquisitions and mergers. Resident in Monaco, he is multilingual and has worked in Continental Europe over the last 45 years, for among others, Swiss Re, Chase Manhattan Bank, Eurofinance, TBG and North Atlantic/Saurer AG. He is currently a board member of Fidinam (Monte Carlo) S.A.M., a subsidiary of the largest independent fiduciary company in Switzerland.

Mr. Ian Burns is a Chartered Accountant and Chartered Fellow of the Chartered Securities and Investment Institute. He has extensive experience of the structuring, administration, reporting and governance of offshore companies including investment funds and captive insurance companies. Mr. Burns is currently the senior executive director of VIA Executive Ltd, a consulting company in Guernsey and President of Regent Mercantile Bancorp Inc, a leading private investment firm based in Canada. He is a non-executive director of Darwin Property Investment (Guernsey) Ltd and Premier Asset Management (Guernsey) Ltd. Until 18 October 2006 he was also a director of The Glanmore Property Fund Limited (listed on the Irish Stock Exchange) and The British Real Estate Fund Limited (listed on the Channel Islands Stock Exchange).

Kimberly Tara is the Cheif Executive Officer of the Investment Manager. Kimberly has spent the last 19 years negotiating, executing and managing investments and projects, with a focus on cross-border transactions. Ms. Tara has executed deals in Europe, the US, Latin America and Asia. Ms. Tara began her career in mergers and acquisitions at Morgan Stanley. In 1995 she joined Value Partners, a management consulting firm in Italy. In 1999, she began working as an alternative investment consultant, providing financial and advisory services for clients in Europe and the US. She also worked as CFO for a US-based biotech company. Since 2005, as chief executive officer of the Investment Manager, Ms. Tara has successfully raised and managed more than $1 billion in commodities and natural resources. Ms. Tara graduated magna cum laude from Brown University with a degree in Business Economics and received her MBA from INSEAD in France.

Liane Luke is the Head of Timber Group of the Investment Manager and heads timberland investment and timber portfolio management at the Investment Manager. Ms. Luke has more than 20 years experience in real asset investing and has spent the last 14 years working exclusively in timberland investing. As a vice president of Hancock Timber Resources Group from 1996 to 1998, Ms. Luke developed timber investment products for US tax-exempt institutional investors with first investments made within six months. From 1998 to 2005, Ms. Luke was a principal and managing director of Resource Management Services, one of the largest privately held timber investment management organisations in the United States, where she designed tax efficient structures for US and international clients. In 2005, Ms. Luke formed Greenway Investments to focus on structured finance and other novel timberland investment projects for a major US insurance company. In her capacity at FourWinds, she sits on several forestry-related companies’ boards of directors internationally. Ms. Luke earned her BA magna cum laude from the University of New Hampshire and her MBA in finance from the Yale University School of Management.

Board Committees

Management Committee
The Company’s Management Committee is comprised the following members: Martin Ricketts (Chairman), Keith Oates, Ian Burns and Sir Henry Studholme.

The Management Committee has the following remit: to ensure that the terms of engagement of the Company's service providers are competitive and reasonable and that they are operating satisfactorily to ensure safe and accurate management and administration of the Company’s affairs.

Audit Committee
The Company’s Audit Committee is comprised the following members: Sir Henry Studholme (Chairman), Keith Oates, Ian Burns and Martin Ricketts.

The Audit Committee has the following remit: to meet bi-annually and to consider, inter alia: (a) annual and interim accounts; (b) auditor reports and (c) terms of appointment and remuneration for the auditor (including overseeing the independence of the auditor particularly as it relates to the provisions of non-audit services).