Phaunos Timber Fund Limited is a closed ended investment company registered in Guernsey which aims to provide its Shareholders with attractive long term total returns through a diversified global portfolio of timberland and timber-related investments. FourWinds Capital Management has been appointed Investment Manager of the Company.

In addition to the broadly diversified Portfolio of ten investments in seven countries, the Investment Manager has built a robust pipeline of potential investments all over the world, valued in total at over $2.5 billion. The Investment Manager’s goal is to enlarge commitments in the regions where investments were made in 2007 as well as continuing to incorporate new capital into the Company during 2008.

In order to take advantage of a number of potential investment opportunities which are or may become available to the Company, the Company intends to raise additional capital of up to approximately $1.6 billion, by way of one or more issues of C Shares. The raising of such additional capital will also permit the Company to take larger investment participations in those existing investment opportunities considered to be sufficiently attractive to merit it.

The Ordinary Shares of the Company are currently admitted to trading on the Official List of the LSE and to trading on the Main Market. The Ordinary Shares are also admitted to listing and trading on the CISX.

The company ticker is PTF. Its capital is denominated in US Dollars and the company will not have a fixed life.