The document provides an overview of New Forests' sustainable forestry investments and practices. It summarizes New Forests' operations in Australia-New Zealand, Southeast Asia, and the United States. It then describes one of New Forests' investments in Laos called Mekong Timber Plantations, which involves establishing eucalyptus and acacia plantations as well as programs to support local communities and protect conservation areas. The presentation emphasizes New Forests' commitment to environmental, social, and governance standards including forest certification and the IFC Performance Standards.

1. Prepared for
MRLG, 27 May 2021
Zoom Video Conference
Private and Confidential.
Presentation for Mekong Regional
Land Forum

2. © New Forests 2021. This document is issued by and is the property of New Forests Asset Management Pty Limited (“New Forests”) and is intended for the
sole use of its clients, consultants, and other intended recipients. It should not be forwarded to any other person. The presentation is strictly confidential and
proprietary information and may not be reproduced or used in any form or medium without New Forests’ express written permission.
The information does not constitute financial product advice or provides a recommendation to enter into any investment. This is not an offer to buy or sell,
nor a solicitation of an offer to buy or sell, any security or other financial product. This document has been prepared without taking account of any person’s
objectives, financial situation or needs. Before acting on this information, you should consider its appropriateness having regard to your objectives, financial
situation or needs. You should consider obtaining independent professional advice before making any financial decisions. The material set forth in this
document is based on information obtained from sources that New Forests believes to be reliable, but New Forests makes no representations as to, and
accepts no responsibility or liability for, the accuracy, reliability or completeness of the information. Except insofar as liability under any statute cannot be
excluded, New Forests, its associates, related bodies corporate, and all of their respective directors, employees and consultants, do not accept any liability for
any loss or damage (whether direct, indirect, consequential or otherwise) arising from the use of this information. Employees of New Forests may have a
position in the investment mentioned.
The information contained in this document may include financial and business projections that are based on a large number of assumptions, any of which
could prove to be significantly incorrect. New Forests notes that all projections, valuations, and statistical analyses are subjective illustrations based on one or
more among many alternative methodologies that may produce different results. Projections, valuations, and statistical analyses included in this document
should not be viewed as facts, predictions or the only possible outcome. Before considering any investment, potential investors should conduct such enquiries
and investigations as the investor deems necessary and consult with its own legal, accounting and tax advisors in order to make an independent determination
of the suitability, risk and merits of any investment. Past performance is not an indicator of future performance.
New Forests Advisory Pty Limited (ACN 114 545 274) is registered with the Australian Securities and Investments Commission and is the holder of AFSL No
301556. New Forests Asset Management Pty Limited (ACN 114 545 283) is registered with the Australian Securities and Investments Commission and is an
Authorised Representative of New Forests Advisory Pty Limited (AFS Representative Number 376306). New Forests Inc is an investment adviser registered
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training. New Forests Asia (Singapore) Pte Ltd holds a Capital Markets Services Licence as an Accredited/Institutional Licenced Fund Management Company
(A/I LFMC), issued by the Monetary Authority of Singapore.
2
Important Note

3. 3
New Forests offers global scale through focused investment programs in Australia-New Zealand, Southeast Asia,
and the United States
New Forests’ Growth – AUM and Area Managed
Note: Gross hectares under management includes a variety of land uses such as timber plantations, natural forest areas, conservation areas, and carbon projects. In some
carbon projects in the United States, New Forests manages carbon projects held on third-party owned land.
-
0,5
1,0
1,5
2,0
2,5
3,0
3,5
4,0
4,5
5,0
5,5
6,0
6,5
-
200
400
600
800
1.000
1.200
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
AUD Billions
Area Under Management
('000 ha)
Area under management AUD Billions

4. 4
TAFF Portfolio of Investments
Figures shown are as at 31 December 2020.
Laos
Mekong Timber Plantations
(24,000 ha gross)
MTP
AFI
Malaysia
Acacia Forest Industries
(25,000 ha gross)
HKI
Indonesia
Hutan Ketapang Industri
(100,000 ha gross)

5. • New Forests is investigating the development of an Impact Tranche to support better investment outcomes
and catalyse private capital into sustainable forestry through its TAFF2.
• Blended finance is the strategic use of development capital (including from philanthropic, public, and mission-
driven sources) to mobilise private finance for investment in sustainable activities, often referring specifically
to those linked to the Sustainable Development Goals (SDGs).
• Impact Activities will focus on carbon sequestration, biodiversity enhancement, and community livelihoods.
An opportunity to catalyse impact and blend capital for sustainable development
Blended Finance in the Tropical Asia Forest Fund 2
5

6. 6
New Forests’ ESG Integration
Funds are managed in line with New Forests’ commitments to responsible investment and our corporate
sustainability framework
Certification Policies and Management Standards
All fund products have tailored certification policies. New Forests uses
best practice guidance and credible third-party assurance of activities
within our investments:
– ISO 14001 Environmental Management Systems
– IFC Performance Standards
– Forest Stewardship Council Certification, and PEFC standards where
market supports secondary certification
Responsible Investment Policy – New Forests is
one of the only forestry investment managers operating with a
Responsible Investment Policy.
Corporate Sustainability Program – Coordinates responsible
investment activities while ESG specialists are embedded in
each fund’s management team.
– Signatory member of the Principles for Responsible
Investment (PRI) since 2010; A+ rating in PRI Assessment
Report
– Company-wide Social and Environmental Management
System with annual auditing
– Sustainability targets and use of reporting metrics for material
impacts
– Membership and involvement in key industry groups
– Quarterly ESG reporting integrated into fund reports
– New Forests’ Annual Sustainability Report is publicly available

7. 7
TAFF2 Environmental & Social Policy
Pillars of the TAFF2 Environmental & Social Policy
•Forest Stewardship Council Forest Management
Certification
•Programme for the Endorsement of Forest
Certification
Forest Certification
•Comply with the 8 Performance Standards for all
investments
IFC Performance Standards
•Conversion of degraded vegetation to plantations
•Protect and enhance high conservation values
•Assured through HCV, HCS, and CH Assessmentand
Management Plans
No Deforestation
•Designated High Conservation Value Status
Protecting Peatlands
•Free, Prior, and Informed Consent
•Due Diligence
•Maintain social license to operate
Respect Land Tenure
•FSC Chain of Custody Certification
Supply Chain Requirements
•Internal and external best practices
•United Nations Universal Declaration of Human
Rights (for example)
Responsible Investment
Guidelines

8. 8
High Conservation Values: “High Conservation Value
Areas (HCVAs) are natural habitats, which are of
outstanding significance or critical importance due to
their high biological, ecological, social or cultural values.
(HCVRN, 2021)”
High Carbon Stock: “The HCS Approach stratifies the
vegetation in an area of land into six different classes
using analyses of satellite data and ground survey
measurements. These six classes are: High Density
Forest, Medium Density Forest , Low Density Forest ,
Young Regenerating Forest , Scrub, and Cleared/ Open
Land. The first four classes are considered potential
High Carbon Stock forests (HCS, 2021).”
Critical Habitat: “areas with high biodiversity value including:
1) habitat of significant importance to Critically Endangered
(CR) and/or Endangered (EN) species; 2) habitat of significant
importance to endemic and/or restricted-range species; 3)
habitat supporting significant global concentrations of
migratory species and/or congregatory species; 4) highly
threatened and/or unique ecosystems; and/or 5) areas
associated with key evolutionary processes.. (IFC, 2012)”
Principle 6: Conservation and Sustainable Management of Natural
Resources

9. • IFC Performance Standard 5: Land Acquisition and Involuntary
Resettlement
• IFC Performance Standard 4: Community Health, Safety and
Security
• IFC Performance Standard 7: Indigenous Peoples
• IFC Performance Standard 8 Cultural Heritage
• FSC Principle 3: Indigenous Peoples’ Rights
• FSC Principle 4: Community Relations
• FSC Principle 5: Benefits from the Forest
• FSC Principle 9: High Conservation Values
• Free, Prior, and Informed Consent
• Stakeholder Engagement
Principle 5 Respect local communities’ tenure of land, fisheries, and forests

10. 10
MTP Overview
Transaction
summary
• 50-year concession for forestry or agriculture from Feb 1999,
with favorable company and shareholder tax concessions
• Transaction completed in Q1 2017
• TAFF majority shareholder
Area
• 24,000 ha gross; 9,479 ha net as at Dec 2020 with an
additional 7,021 ha available and suitable for establishment
Description
• Eucalypt and acacia plantation mainly along Mekong river
• 11 years of extensive genetics R&D by previous owner
State of the
asset at
acquisition
• 10,898 ha of plantations, established with the principle aim of
producing hardwood pulpwood to supply an export market
• Company had been previously generally neglected, due to
strategy and funding constraints
• Plantations were established on a variety of land cover types,
which include conversion of degraded natural ecosystems
• Large community forestry program was historically not well
managed
Strategy
• Convert current pulp regime into higher value veneer and
sawlog crop
• Develop domestic processing to maximise full value potential
(90,000 m3/a veneer log input)
• Revitalize community forestry program (>=1,500 ha)
• Expand further as possible within regions
Song Hong Nursery Complex
2018 Planted Hybrid Eucalypts

11. Community and Livelihoods - Mekong Smallholder Partnership
Revamping the LPFL Outgrower Scheme to meet farmers’ needs

12. • High Conservation Values
• Village Infrastructure
• Customary Land Tenure
• Communal Land
• Agricultural Land
• Village Conservation Forests
• Village Protection Forests
• Cultural Values (e.g., Spirit Forests)
• Forested Land
• Threatened flora, fauna, or habitat
• Habitat for key migratory or endemic
populations
• Watercourse Buffers
MTP Plantation Expansion
Community Consultation and FPIC / Environmental Assessment

13. THANK YOU!
Joanna Tan, Sarah Clawson,
Associate Director, Investor Relations Director, Investor Relations
jtan@newforests.com.au sclawson@newforests.com.au
www.newforests.com.au
FOR MORE INFORMATION,
PLEASE CONTACT: