New Forests Appoints Head of Funds Management

New Position Will Lead Execution of Company's Global Timber & Eco Products Investment Strategies

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July 27, 2010

SYDNEY - New Forests Pty Limited is pleased to announce the appointment of James Davies to the newly created position of Head of Funds Management. Mr. Davies has over 20 years of experience in all aspects of investing, most recently as the Fund Manager of Westpac Essential Services Trust (WEST), a wholesale public-private partnership infrastructure fund at Westpac Bank.

Mr. Davies will join the team at New Forests' head office in Sydney on the 2nd of August, where he will lead the execution of the firm's three investment strategies: sustainable timberland assets in Australia and New Zealand; sustainable timberland in the Asia Pacific region; and U.S. eco products, such as carbon, water and biodiversity. He will work closely with fund managers in each region to deliver superior risk-adjusted returns across the range of investment opportunities and diverse market exposures offered by New Forests. Mr. Davies will report to New Forests' Managing Director, David Brand.

"James' depth of experience in financial markets, portfolio management and private equity make him an invaluable addition to the New Forests team," Brand said. "He has an excellent track record, and we are happy to have him join New Forests at this time of growth for the company."

Prior to his role with Westpac, Mr. Davies worked in London for the Royal Bank of Scotland (RBS) where he was the Investment Director for the Strategic Investment Group's Principal Investment Fund, delivering financial returns of 43% per annum over several years. He also served as the Investment Director of Specialised Lending Services at RBS, where he successfully managed complex restructuring transactions involving private equity clients, bond issues and bank syndicates. Earlier roles in Australia included Owner/Director of Black Ink, a firm trading in global debt, equity and commodity derivatives, and a Treasury Manager at Colonial Bank.

Mr. Davies received his MBA from London Business School in 2000 and has a Bachelor of Computing Science from the University of New England in Australia.

About New Forests

New Forests (www.newforests.com.au) is a funds management company specialised in timberland and associated eco products, such as carbon, biodiversity and water, for institutional and private equity clients. New Forests' staff includes experienced professionals across timberland investment, operational forestry, environmental management and finance. The company holds an Australian Financial Services Licence and is headquartered in Sydney, Australia, with offices in Washington, D.C., San Francisco and Kota Kinabalu, Malaysia.