New Forests Expands Capacity in Asian Investment Programs

New Employee to Strengthen Presence and Develop Regional Capabilities

May 14, 2007

SYNDEY – New Forests Pty Limited announces that it has created a new position to be filled by Maree Candish, an experienced forestry consultant with expertise in forestry management in the Asia-Pacific region. Candish has been hired as Manager, Asian Investments, and will support acquisitions processes on behalf of clients investing in the region. She will have operational and reporting responsibilities for New Forests’ assets under management and will contribute to New Forests’ Advisory business, working on projects related to forest investment strategy and carbon marketing.

“As New Forests expands its investment programs into Asia, it is important that we have someone to lead our regional presence and build our business capacity,” says David Brand, Managing Director of New Forests. “Maree has the experience and skills to ensure that our investments in Asia meet our clients’ expectations and to demonstrate our innovation and commitment to sustainable forestry, a key part of our business philosophy.”

Candish has over 20 years of experience managing forestry operations and consulting on forestry investments in Australia, New Zealand, South East Asia and China. She was previously working with Pöyry as manager of the Australian forestry consulting team and has worked with PF Olsen and Treecorp in senior management roles. Candish has a Bachelor in Forestry Science from the University of Canterbury in New Zealand and a Masters in Forestry and Land Use from Oxford University.

“New Forests is a unique organization in the world of forestry investment, and I am excited to join this growing team,” Candish says. “I look forward to developing interesting and innovative projects that meet clients’ investment objectives and build on the company’s initial work in the Asia-Pacific region.”

New Forests currently represents two clients pursuing forestry investments throughout South East Asia and the Pacific Islands. The Tropical Timber Fund aims to invest in a diversified portfolio of timberland assets with a focus on tropical hardwoods. New Forests manages the fund’s first investment, Kolombangara Forest Products Limited in the Solomon Islands, and acts as the fund’s asset manager. Cambium Global Timberland Limited is an AIM-listed company established to invest in a global portfolio of forestry- based properties. New Forests advises on global forestry investment and manages acquisitions and asset management in Australasia. Combined, New Forests is working to invest more than $200 million in the region.

New Forests Pty Limited

New Forests Pty Limited is a forestry investment management and advisory services firm. The company’s investment thesis is unique in seeking assets that deliver traditional timber returns, as well as returns from emerging environmental markets and preferences, such as certified timber, carbon, biodiversity and water. In addition to world-leading forestry investment expertise in the areas of acquisitions, modeling, operations, silviculture and ecosystem services, New Forests is at the forefront of developing and commercializing environmental products and evaluating opportunities from emerging environmental markets. The company is based in Sydney and has a U.S. office in Washington, DC. New Forests holds an Australian Financial Services License. For more information, please see www.newforests.com.au.