Phaunos Timber Fund Limited (Phaunos) is a closed-ended investment company. The Company provides its shareholders with long term returns through a diversified global portfolio of timberland and timber-related investments. FourWinds Capital Management is the Investment Manager of the Company. Its portfolio includes investments in North America, South America, Africa, Asia, and Australia The Company�s portfolio is diversified through investment in a range of investment strategies and vehicles, including 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. HSBC Securities Services (Guernsey) Limited is the administrator and company secretary of the Company.