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Opalesque Exclusive: Timber fund announces further capital raising of up to $1.6bln, proposes migration to London Stock Exchange Phaunos Timber Fund Limited is a closed-ended investment company investing in timber and timber related activities. It was incorporated in Guernsey in September 2006 with an unlimited life. The Company raised approximately US$115 million in December 2006 and was admitted to listing and trading on AIM and the Channel Islands Stock Exchange. The Company raised a further US$370 million by a secondary equity fundraising in June 2007.

The Company’s investment objective is to provide shareholders with attractive long term total returns, expected to be in the form of capital appreciation but with some income, through a diversified portfolio of timberland and timber-related investments.

The directors announce the Company’s annual results for the period ended 31 December 2007 as follows:

• Raised US$485 million since launch
• Net asset value per share was US$1.02 at 31 December 2007
• 49.4% of capital raised committed as at year end (US$239.6 million)
• US$54.9 million of portfolio commitments drawn down as at year end
• Since 31 December 2007 a further US$350 million committed and further US$8.5 million drawn down
• Conducting due diligence on an extensive pipeline of investments
• Announced further capital raising of up to $1.6 billion
• Proposed migration to London Stock Exchange main market......................

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