Phaunos Timber Fund Limited Announces Management Agreement With Stafford Timberland And Results Of Strategic Review

June, 2014

Phaunos Timber Fund Limited ("Phaunos" or the "Company"), the Authorised Closed ended investment scheme established to invest in timberland and timber related assets on a global basis, today announces that it has reached an agreement with Stafford Timberland Limited ("Stafford") to manage its portfolio of assets. The Company also announces the completion of Stafford's strategic review into its portfolio of assets.

Stafford was initially engaged by the Board of Phaunos in December 2013 to carry out a strategic review of the Company's assets. Details of the Phaunos Timber Fund Limited Management Agreement and key findings from the Strategic Review are outlined in the announcement issued on June 24, 2014.