Phaunos Timber Fund Limited is a 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’s portfolio is, and would continue to be, diversified through investment in a range of investment strategies and vehicles, including, but not limited to, investment in a range of tree species, tree age classes and a range of geographic timberland markets and timber-related investments in order to provide sustainable returns, control volatility and manage risk. The investment manager of the Company is FourWinds Capital Management.