New Forests Asset Management

New Forests Advisory Pty Limited has been retained to provide investment advisory
services to the Manager. New Forests Advisory is a forestry investment management
and advisory services firm currently managing forestry assets of approximately AU$110
million throughout Australia, New Zealand and Asia-Pacific. The company believes
its investment thesis is unique in seeking assets that deliver traditional timber
returns as well as returns from emerging environmental markets, such as carbon,
biodiversity and water quality. New Forests was established in mid 2005 as a MBO
from Hancock Natural Resource Group (“HNRG”). New Forests holds an Australian Financial
Services License to provide advice on and deal in derivatives, interests in managed
investment schemes and in securities on behalf of wholesale clients.


