GEF Management Corp.5471 Wisconsin Ave., Suite 300Chevy Chase, MD 20815www.globalenvironmentfund.com

Africa Sustainable Forestry Fund IIKevin Tidwell

February 2014

Proprietary and Confidential

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Demand-Supply of Wood in Africa (million m3)How will supply cover demand growth of 2.6%

p.a.?

Natural Forests, Sustainable Natural Forest, UnsustainableSupply Gap (+14% p.a.) Industrial Plantations (+3% p.a.)

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Africa’s stagnant forestry supply is being eclipsed by steady demand growth

This growing supply gap leads to increases in prices, imports and deforestation

Divergent Demand/Supply Dynamics

Demand: Strong industrial wood demand (~7% p.a.) in addition to steady fuelwood demand (2% p.a.)

Supply: Natural forest stock fixed and only small growth from plantations (~1% per year) due to lack of investment

Source: Food and Agricultural Organization, Indufor, and GEF Estimates

Proprietary and Confidential

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GEF has a long-term, sustainable comparative advantage in African timber• GEF has a successful history in African forestry investments since 2001

• Our team and network are the strongest and most experienced on the continent with backgrounds in finance, forestry, milling and biomass energy.

• GEF benefits from very limited competition and deep proprietary information; currently allowing us to buy quality assets at less than half of replacement cost

• Proven ability to de-risk assets through silviculture, fire management, planning and manufacturing partnerships.

• Strong base of people, skills and assets to build on. With 100,000 planted hectares, we are already the largest owner of non-pulp forestry assets in Africa.

Vision: Combine ASFF I and II and target 250,000 planted hectares of plantations that best capitalize on a growing supply/demand imbalance. This “Pan-African Forestry Company” will be well-diversified with mitigated risks to offer a wide

range of exit opportunities for ASFF investors.