The Asia Renewable Resources Fund

Treedom Investments Ltd54 B.B. Building, 7th Floor, Office # 3705, Sukhumvit 21 Road (Asoke) Klongtoeynua, Wattana, Bangkok 10110

A Dedicated Fund of the KMG SICAV – SIF

An open ended investment fund acquiring high quality and high value forestry assets and land opportunities aiming to provide investors with strong growth potential in the short to medium term with typical investment horizons of circa 5 years.

March 2012

Tel: +66 (0) 2 259 6455Fax: +66 (0) 2 259 6456

Email: Antony.bell@treedom.biz

DisclaimerThis document is not an offer or solicitation in any jurisdiction in which such offer is not authorised. Nothing in it should be construed as advice and is therefore not a recommendation to buy or sell shares/units Past performance is not a guarantee of future returns. The value of investments may fall as well as rise.

Any decision to invest should be based on a full reading of the Offering Document and the most recent financial statements (if available). In case of any discrepancy between this presentation and the Offering Document in force, the Offering Document shall prevail.

Presentation Agenda1. Executive Summary

• Overview• Opportunity and Rationale• Investment Criteria• Investment Policy

2. Managed Forestry Projects• Teak – Global Market Overview• Agarwood• Oil Seed Trees

3. Acquisition Strategy• The 10 Key Investment Criteria• Competitive Edge• Investment Flowchart• Acquisition Process• Acquisition Due Diligence

4. The Treedom Group• Treedom Investments Limited • The Treedom Advantage

5. Fund Terms and Structure2

1. Executive Summary - OverviewKey Fund InformationThe Asia Renewable Resources Fund’s policy is to generate consistent returns achieved through a diversified portfolio of sustainable and renewable forestry resources. The Fund will enable investors to benefit from the anticipated strong trends and future growth in the managed forestry sector.

Investment ObjectiveThe investment objective of the Asia Renewable Resources Fund is to achieve long term capital growth through investment in high value forestry assets and land opportunities to develop sizeable returns from forestry operations. The Asia Renewable Resources Fund may also invest into transferable securities to enhance liquidity and diversification.

The TeamA experienced team of professionals with wide ranging experience in capital raising, investment and operations. This opportunity has brought together a first class team combining experts in fund management, capital and private equity fund raising and forestry management, acquisition, operations and development.

ReturnIt is envisaged that the Fund will be able to provide a stable and predictable level of growth. The aim is to provide a minimum 12% IRR per annum though higher returns are possible.

The FundSpecialised Investment Fund (SIF). The Asia Renewable Resources Fund is an open ended SICAV – SIF domiciled and regulated in the Grand Duchy of Luxembourg Target Fund Size $100m USD (+).

3

Opportunity and Rationale

4

The right timing.The Asia Renewable Resources Fund offers investors an opportunity to reap the rewards from investments in sustainable and financially lucrative project-based forestry investments; with these investments projected to include forestry, carbon credits, plantation timbers and Oil Seed Trees (OST's). High stable returnsThe Agro Forestry sector has traditionally been seen as a safe haven for investors during tough economic times. Timber and forest asset classes have been invested in for centuries and are seen as very stable returns because the investors are able to see their assets “growing” due to the organic biological activity Prime Sector for GrowthAs an asset class forestry investment and “agro forestry” in particular offers equity and quasi-equity investors the opportunity to enter a sector which has a stable and predictable return strategy over the short, medium and long terms.

With low correlation to other commodity and asset classes timber and associated products are sheltered to a large degree from economic downturns and offer a prime investment opportunity for primary and secondary investors. See Figure 1 below which gives an investment insight into short, medium and long term strategies employed by the Fund and their associated carbon offset and plantation management aspects.

“Globally, forests play a vitally important part in the carbon cycle. As a renewable resource they offer unrivalled returns for equity investors”

5

Figure 1 – Investment Insight

Investment CriteriaForestry and Land assets will be sourced that can deliver high growth potential and that are potentially income producing from day of purchase.

Forestry, Agro Business and Land Investment Criteria

Asset Base• Multi species and multi sector focus with a modern agro business outlook that comply with current and

future international regulations and standards.• Internal Operational Strategy to ensure compliance to best practice management of assets.• Strategic geographical locations across the Asian region identified and purchased/leased as demand

increases in each sector• Pipeline of “prime” and “over geared” target acquisitions identified along with an integrated development

plan.• Product diversification to offset risk and to increase profitability of assets.

Target Minimum Equity Returns• Projected minimum 12% IRR• All assets purchases will be tested against their ability to return this minimum ROI prior to purchase

Management• Annual audit of the Fund by professional auditors – Deloitte• Bi-annual management reporting on fund activities• Appropriate fee levels to reflect actual performance of Fund• Understanding the need for better standards for care in our environment whilst creating profit.

6

Investment policy

7

The Asia Renewable Resources Fund primary objective is to provide capital growth by investing in a portfolio of agro forestry products and forestry. The aim is to achieve this through investment as identified by the Investment Adviser. An independent third party forestry expert will be retained by the Asia Renewable Resources Fund and will review the Investment Adviser’s recommendation and provide their approval to the Global Investment Manager.

Offering investment in both long and short term rotation forestry assets, the aim will be to diversify the portfolio but not limited to the distinct categories below.

• Forestry Assets producing high value essential oils – for example Sandalwood oil or Oud oil • High Value long term timber Assets – such as teak, mahogany, ebony, & rosewood • Forestry Assets aimed at deriving an annual income stream such as Milletia Pinnata primarily for the

bio fuels market or Para Rubber

The Asia Renewable Resources Fund strategy will be to invest in land opportunities and look to cover a broad base of forestry species ensuring income will be derived at multiple junctures and thus not reliant on large revenues at harvest; which in some cases can be a lengthy period of time. Investment in new growth plantations is aimed at significantly increasing profitability as high growth rates ensure above average financial performance due to increased and quick asset growth, however that does not preclude that the acquisition of existing mature plantations will not be given due consideration.

As part of the overall investment strategy and to assist with liquidity the Asia Renewable Resources Fund will hold between 10% to 20% of the Asia Renewable Resources Fund assets in transferable securities such as forestry sector exchange traded funds, and UCIs (Undertakings for collective investment) which have exposure to the forestry sector.

2. Managed Forestry Projects

An identified industry issue with Managed Forestry Projects and the Forestry companies that inhabit this space is their exposure to a single species in single locations.

The Asia Renewable Resources Fund intends to address any risk concerning the market movement for a single species by adopting a multiple species approach. Initially, the advisers will address a number of potential projects which may include plantations that are considered 'distressed'.

The Asia Renewable Resources Fund will initially invest in the following asset classes which are explained in more detail on the following pages:

• Teak - Teak wood is very strong and durable, resists white ants and contains oil which preserves nails, a property which enhances its value in the construction, furniture and decorative industries.

• Agarwood - Agarwood is a tree that produces an essential oil named Oud. Oud oil is used for a variety of purposes and is a highly prized commodity.

• Oil Seed Trees – The renewable energy sector specifically the growth and culturing of various species for use as alternative fuel sources

• Oil Palm - A multi-use crop, the fruit can be used for fuels, food or the oleo-chemical industry.• Bamboo – 2nd Fastest growing plant in the world, uses such as furniture, food, construction and many more.

Below are examples of primary target acquisitions.

8

Teak – Global Market Overview

Botanically called Tectona Grandis, the Teak is a native of the deciduous forests of India and Burma and naturally its cultivation is encouraged in the forestation programmes of the Government of India and in the recent past we have seen Teak grown in large numbers wherever climatic conditions are favourable for it. It is mainly grown for its highly valued timber. This long lifespan is an argument against its cultivation, but commercially grown Teak is usually thinned from around years 8-10 and then finally harvested around years 15-20, which still gives a high return value for the full tree.

9

Agarwood

Agarwood is a resinous wood that occurs in trees belonging to the Aquilaria genus, Thymelaeceae family. Now listed as an endangered species as defined by CITES, Aquilaria is a fast growing, archaic tropical forest tree. It is found generally in South and Southeast Asia, from the foothills of the Himalayas to the forests of Papua New Guinea. The tree grows in natural forests up to an altitude of about 1000 metres, with an ideal altitude of 500 metres. It can grow in a wide range of soils including poor sandy soil.

10

The heart of the Aquilaria is known as Agarwood. Within the wood an essential oil is formed as an antibody to a fungal infection. This essential oil is called Oud

• Oud Oil is commonly used throughout the Muslim world as a perfume. • It is used by the fragrance houses of Europe as a base for their retail perfume

brands. • The value of first grade Agarwood is extremely high. • A wide range of qualities and products are generally available with geographical

location and cultural disposition being the main determinants of quality. • Prices range for lower grade Agarwood from a low of US$ 1000 per kilo to in excess

of US$ 30,000 per kilo for the higher grades of Agar Oil (Oud) and resinous wood, thus giving it the name of "liquid gold".

• Agarwood is also a commodity in its own right as it is used in various ceremonies within several religions.

.

Oil Seed TreesThe development of a renewable energy market has seen a demand for feedstock supply increase – this can be derived from various trees producing pure plant oil or from woodchip supply. Grown in correct conditions, OST's are extraordinary generators of two forms of biomass. The first is a vegetable oil that can be chemically reacted to produce biodiesel; while the second is biomass that can be processed to a number of renewable energy based end uses.

11

This group of plantations hold significant opportunities for The Asia Renewable Resources Fund .The feedstock's used in oil applications (bio-fuels, vegetable oils, essential oils etc) are many and varied.

The Fund will initially target high yield bio-fuel type feedstock's, however over the longer term the Fund via its acquisition strategy will investigate opportunities in all oil production spheres; examples of areas of significant interest:

• Jatropha oil• Honge oil • Jojoba oil,• Nahor oil• Paradise oil, • Petroleum nut oil. • Copaiba, • Radish oil. • Rapeseed oil, • Ramtil oil, • Rice bran oil,

• Castor oil, • Coconut oil • Colza oil, • Corn oil, • Cottonseed oil, • False flax oil, • Hemp oil, • Mustard oil, • Palm oil, • Peanut oil,• Safflower oil

• Salicornia oil,• Soybean oil, • Sunflower oil, • Tigernut oil• Tung oil,

And various other edible and essential oil asset classes

3. Acquisition Strategy

12

1. Take a flexible and rational approach through excellent networks and contacts to continually find the right deals where we can promote re-forestation and the sustainable management of existing forestry resources

2. Take a diversified portfolio approach with mixed assets and locations to control risk appropriately

3. To own the operating platform to capture profitability effectively, while also having the ability to integrate new opportunities

4. Seek to achieve significant returns with less volatility by choosing existing and profitable target acquisitions in key locations. Provide liquidity in the fund to accommodate our investors' changing circumstances

5. To have a strong emphasis on capital preservation and protection allowing the Fund to Protect the interests of both fund investors and local communities.

6. Benefit from the ongoing financial crisis by acquiring realistically priced opportunities offering excellent potential to generate high yields and capital increases for the portfolio

7. To maximise gains from capital growth and operating profits. All acquisitions and disposals of fund assets to be independently audited and further independent fund audits at 6-monthly intervals.

8. The right selection and assessment of value of our target acquisitions will be a critical success factor for ascertaining future income potential and growth

9. Partner with local communities creating work opportunities and forestry industry training.

10. Sourcing the ideal location and projects where the demand for product is extremely high

The 10 Key Investment Criteria

Competitive Edge

13

Proven Business Model

Managerial Quality

• Strong entrepreneurial spirit, open minded and highly motivated• Strong desire for better standards within the managed forestry and Agro business sectors• Incentivised by performance• Innovation culture within group

•A strategic growth plan to create a market leading forestry and agro business portfolio and investment proposition•History of working with high net worth and institutional investor groups•Highly responsive action to the needs of investors

• Proprietary financial models to comprehensively evaluate asset dynamics•Detailed risk and stress calculators to rigorously test assets against market volatility• Regular due diligence of quantitative reports against asset classes• Established investment and holding process

• Focus on new assets without the legacy of pre-2008 debt issues•Dedicated investment and management infrastructure in-house•Minimal transaction costs achieved through professional advisers• Competitive fees for management, legal and accounting

Approach

Effectiveness

Investment Flowchart

14

• Select best possible target acquisitions and their operators

• Identify and generate deals that provide best returns

• Use of experience, market knowledge and network to effectively target asset

• Investment assets are selected in changing market conditions that can deliver higher returns

Judgmental analyses and stringent compliance undertaken when identifying targets which offer the best opportunity and can deliver strong returns

Planning &

Sourcing

• Buy according to strategy and investment policies

• Structure and negotiate deals that compliment objectives

• Internal control system based on collaboration and rigorous assessment

• Effective decision making

Deal Execution

• Disciplined management of assets and the Fund

• Active portfolio management

• Build and maintain successful relationships with investors

• Add value due to Treedom Groups operational experience

• Devise clear exit strategies as the opportunity occurs

Active portfolio management

Acquisition Process

15

Offer

Origination

•Origination of suitable assets that fit the investment criteria •Detailed financial modelling and stress testing•Discussion of asset and possible approach to lenders to leverage purchase• Preparation and review of targets information memorandum

• Preparation of formal letter offer in line with approved guidelines• If offer is accepted a full heads of terms is prepared for full exclusivity• Preparation of financing terms (including any debt structure agreed)• Equity moved to escrow from the Fund and full KYC undertaken

•Due diligence undertaken by legal counsel to include any regional and local laws•Asset is inspected and valued internally• Credit committee documents are drawn up• Bank and the Fund are presented with a valuation by our valuers

• If due diligence and credit committee are successfully passed, acquisition is acquired with either funds held in escrow or via credit agreement with a lending bank or a combination thereof.•Asset management of acquisition begins in accordance with asset management plan

Due Diligence

Closing

Acquisition Due DiligenceThe Asia Renewable Resources Fund intends to source projects that include aspects deemed desirable including country benefit, projected profitability, carbon aspects, biodiversity, community, flora, fauna, market potential, risk, security and conservation potential. The acquisition process will balance a complex array of biological, operational, and economic considerations including a reliable evaluation and projection of the following:

16

• Timberland inventory data;• Growth and yield of inventory;• Harvest scheduling plans;• Other non-timber revenues;• Timber product mixes and prices;• Silvicultural benefits and costs;• Biomass processing;• Refining of produced oil;• Management costs;• Conservation and environmental

services values;• Road and infrastructure costs and

expenses;• Land Title; • environmental, and access issues;• Potential exit strategy.

4. The Treedom GroupTreedom Investments Ltd A Seychelles registered company and Investment Adviser to the Asia Renewable Resources Fund. Key Staff: Andrew Steel, Steve Griffin. Key staff; David Smith, William Raper, Patrick Mulcahy, Julian Bulman. Equitech Ltd A Thailand domiciled entity that will be appointed by the Investment Adviser to identify and value prospective projects for potential investment by the Asia Renewable Resources Fund. Directors: Andrew Steel. Key Staff; Steve Griffin, Roger Steinhardt, Dr Paiboolya Gavinlertvatana, Julian Bulman. Asia Forestry Management Ltd A Thailand domiciled company that will be appointed by the Investment Adviser to manage plantation and forestry assets held within the Asia Renewable Resources Fund. Directors; Andrew Steel, Steve Griffin, Key Staff: Roger Steinhardt, Dr Paiboolya Gavinlertvatana. Asia Forestry Distillery LtdA Thailand domiciled company that will be appointed by the Investment Adviser to process and market Oud oil from Agarwood assets held within the Asia Renewable Resources Fund. Directors: Andrew Steel, Steve Griffin. Key Staff: Les Weaver, Roger Steinhardt. The PATT FoundationThe PATT Foundation is a UK registered Charity, recognized by the United Nations, which is within the Treedom Group of Companies, but will have no working relationship with the Investment Adviser or the Asia Renewable Resources Fund except for receiving donations from Treedom Investments Limited fees and from Asia Renewable Resources Fund investors who opt-in voluntarily. 17

Treedom Investments Limited

Treedom has identified an opportunity arising from an existing gap in the market for a new and innovative style of investment Asia Renewable Resources Fund. Established in 2010 the company brought together a dedicated team of individuals with over 80 years combined experience in their various field. Each with skills specifically relevant to advise on investments in the forestry sector. It has arisen from the current rapid adoption of 'green' products and investments by institutions and individuals.

Treedom provides a unique opportunity to generate returns for investors via the provision of forestry investment products which, in parallel, take due regard to people, communities and the environment. In summary, Treedom has positioned itself, via a fund vehicle; to offer a socially responsible investment that delivers triple bottom line benefits of People, Planet, Profit by investing in forestry based assets.

18

Investment Adviser - Forestry Assets

The Treedom Advantage

1. Impeccable reputation locally and globally

2. Strong fund management with international education and training

3. Best in breed Corporate Governance and investment processes and policies

4. Strong and proven risk management techniques

5. Strong Forestry management team with proven local and international experience

6. Impressive track record in forestry management, corporate finance, fund raising and strategic alliances

7. Extensive global network of affiliates

8. Access to the best possible deal pipeline in the Asian region and the rest of the world

9. Extensive fund raising and distribution experience

10. Extensive regional team on the ground in Asia

19

5. Fund Terms and StructureFund StructureThe Asia Renewable Resources Fund is structured as a regulated SICAV – SIF in the Grand Duchy of Luxembourg, specifically it is a dedicated fund of the KMG SICAV – SIF

LuxembourgCentre of Excellence: outstanding reputation as a world class centre for the investment fund industry combined with a legal and fiscal environment that attracts fund promoters from all of the worldStable Democracy with a strong economy: very stable political and social environment, it is the worlds least risky business environment (World Market Research Centre)

SICAV SIFA SICAV SIF is an onshore Luxembourg investment fund fully regulated by the Commission de Surveillance du Secteur Financier (CSSF) created in February 2007 via the Special Investments Funds law. A SIF offers a fully regulated investment structure that is flexible, efficient and tax optimised; investors participate via subscription in shares in the SIF through which they hold their investment fund.The Asia Renewable Resources Fund will be managed under the KMG Capital Markets Luxembourg S.A. SICAV SIF (KMG SICAV SIF)

TaxationThe Asia Renewable Resources Fund will not be subject to Luxembourg taxes on capital gains nor income and there is no liability to withholding tax on distributions, including the redemption of shares. Distributions made by a SICAV SIF or capital gains realised from the sale, refund or repurchase of shares in a SICAV are out of the scope of EU Savings Directive since it is not subject to “UCITS” rules. Additionally, Luxembourg has concluded around 50 double taxation treaties and it should be possible to structure an investment to benefit from one of these double tax treaties.

A SICAV SIF is, however, subject to a capital duty, levied at the time of creation or subsequently – in particular when new contributions are made or when a fund is converted or merged. An annual subscription tax of 0.01% is levied, based on the quarterly net asset value. Investors should always consult professional advisers with regards to taxation advice

20

Fund Terms and Structure

It is intended that The Asia Renewable Resources Fund will seek Reporting Fund status for the purposes of UK tax legislation on the GBP Share Classes.

* The Investment Adviser will direct 10% of all fees earned to the PATT Foundation to support reforestation efforts globally. Investors have the option to donate a percentage of their returns back to the PATT charity.

Above 8% performance and after payment of performance fees - balance to go to PATT. Above 8% performance and after payment of performance fees - 1 or 2% to go to PATT. 1 or 2 % to go to PATT irrespective of performance. 21

Minimum Investment: $10,000 USD

22

Legal NoticeThe Asia Renewable Resources Fund & KMG SICAV – SIF have no intention to make any offer. This presentation (the presentation) shall be specifically considered as a simple communication of information on a security or an issuer without securities being offered for purchase or subscription. The issuer is exempted from the obligation to publish a prospectus within the scope of Part II of Luxembourg law on prospectuses for securities. This communication is directed only at institutional investors, professional investors, wealth managers and other well-informed investors who are classed as well informed investors. It should not be distributed to, or relied on by any other investors. The Fund is a Luxembourg Specialised Investment Funds scheme; it cannot be promoted to investors for whom it has not been deemed appropriate. If you do not fall into these categories do not read this document. The information contained herein is confidential and is intended only for the persons to whom it is transmitted to by and on behalf of The Asia Renewable Resources Fund & KMG SICAV – SIF . Any reproduction of this document in whole or in part, or the divulgence of any of its contents, without the prior written consent of The Asia Renewable Resources Fund & KMG SICAV – SIF , is prohibited. Each interested investor shall be responsible for carrying out his own examination and consulting, if necessary, his own legal advisers in order to evaluate, in respect to his personal situation, the appropriateness of an investment in the The Asia Renewable Resources Fund & KMG SICAV – SIF . The investor’s attention is drawn to the fact that the tax treatment that will be applied to investment in the Fund depends on his particular circumstances and may change. Therefore it is recommended that each investor consult with his tax adviser. More specifically, the attention of potential investors is drawn to the risks associated with this investment, which are detailed in the Offering Document and it is strongly recommended that each potential investor consult this Offering Document. Past yields of similar investments are no indication of future returns on investments that The Asia Renewable Resources Fund & KMG SICAV – SIF will carry out, as past performance is no guarantee of future results. Some legal, tax, or regulatory changes may occur during the life of the The Asia Renewable Resources Fund & KMG SICAV – SIF , and may have an unfavourable effect on the performance of the The Asia Renewable Resources Fund & KMG SICAV – SIF . There is no guarantee that the Fund's targeted returns will be achieved. Hence, potential investors must form their own opinion on the risks of this investment opportunity prior to taking the decision to invest in the The Asia Renewable Resources Fund & KMG SICAV – SIF .