O ve r v i ewThe Global Sustainable AgroForestry Fund (GSAF) is an innovative strategythat aims to achieve food security and sustainability objectives by investingin climate smart agriculture (CSA). The Fund concept is incubated by theGreen Growth Action Alliance, an initiative hosted by the World EconomicForum, IFC and the Global Green Growth Institute. The fund aims toinvest in regions and countries where access to finance is difficult andwhere sustainable forestry and agroforestry practices are underrepresented.The commercial projects will closely collaborate with community-basedprojects that directly improve the livelihood conditions of smallholderfarmers. Sustainable production methods have the potential to improvethe yields and incomes for some of the world's poorest farmers. Targetedmeasures focussing on sustainability criteria will help to remove the obs-

tacles for smallholder farmers to adapt their productionmethods and thus make the whole sector ad-

vance. GSAF has developed an industry-leading governance structure, with ex-perienced financial services leaders andsustainability experts dedicated to thefund. GSAF has appointed Forest-Finance, a leading retail platform, to be its investment advisor. Forest-Finance has operations in seven coun-tries and a track record of deliveringpositive returns to investors.

I n v e s t m e n t S t r a t e g yGSAF invests in commercially-ope-rated and sustainably-managedforestry and agroforestry projects.It pursues a global investment stra-tegy with focus on Latin America andSouth East Asia. The projects are typically medium-sized and producehigh-quality and, where beneficial, certifiedand processed products that can be sold at a pricepremium into national and international markets through established dis-tribution channels. This clear strategy allows scalable, profitable and cost-effective operations, whilst building and maintaining valuable ecosystems.GSAF works closely with national governments, research networks andprivate sector actors, to ensure alignment of green growth and commercialgoals. The investment advisor has already identified a developed pipelineof investment projects of over EUR 100 million for approval by GSAF, andit is therefore expected that investment activity will begin swiftly postclose. Project IRRs range between 10 %-20 %+ before fund hedging arrangements and other costs are accounted for. No individual commodityrepresents more than 20 % of the fund exposure over a 12 month investmentperiod.

South East Asia 40 %

Latin America 40 %

Africa10 %

RoW10 %

Regional Focus

Allocation principles

Smallholders

Contact: Forest Finance AG · Phone: + 41 44 921 88 00 · info@forestfinance.ch

Photo: C.J. Cam

pbell/sxc.hu

Commercial Core

GSAF Global Sustainable AgroForestr y Fund

F u n d D e t a i l s

Fund Name Forest Finance Global Sustainable AgroForestry Fund

Fund Type SICAV, Investment Undertaking for Qualified Investors

Fund Domicile Liechtenstein

Investment Advisor Forest Finance AG, Switzerland

Investment Manager Valartis Fund Management AG, Liechtenstein

Custodian Valartis Bank AG, Liechtenstein

Auditors PricewaterhouseCoopers AG, Switzerland

Inception Date 23 August 2013

Minimum Investment CHF 250 000 or equivalent

Target Size EUR 200 m

Currency EUR

Management Fee 2.00 % p.a.

Performance Fee 20 %

Hurdle Rate 6 % p.a.

Redemptions No redemptions for the first 8 years. Notice period of 12 months.

Valuation Quarterly, annual by independent third party

Share Classes Distributing Accumulating

ISIN LI 0219017451 LI 0226447436

Important legal information.This publication constitutes marketing material and is not the result of independent financial research. Therefore the legalrequirements regarding the independence of financial research do not apply. The information and opinions expressed in this publication were producedby ForestFinance Ltd., Switzerland, as of the date of writing and subject to change without notice. This publication is intended for information purposesonly and does not constitute an offer or an invitation by, or on behalf of, ForestFinance to make any investments. Opinions and comments of the authorsreflect their current views, but not necessarily that of other group entities or third parties. Services or products mentioned in this publication may notbe suitable for all recipients and may not be available in all countries. Persons interested in these products and services are kindly requested to contactone of the ForestFinance Group entities in order to be informed about the services and products available in a specific country. This publication has been prepared without taking account of the objectives, financial situation or needs of any particular investor. Before entering intoany transaction, investors should consider the suitability of the transaction to individual circumstances and objectives. Nothing in this publication con-stitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate for individual circums-tances, or otherwise constitutes a personal recommendation for any specific investor. ForestFinance recommends that investors independently assess,with a professional advisor, the specific financial risks as well as legal, regulatory, credit, tax and accounting consequences. Past performance is not areliable indicator of future results. Performance forecasts are not a reliable indicator of future performance. The investor may not get back the amountinvested.Although the information and data herein are obtained from sources believed to be reliable, no representation is made that the information is accurateor complete. ForestFinance Ltd., Switzerland, and its affiliated companies do not accept liability for any loss arising from the use of this publication. Thispublication may only be distributed in countries where its distribution is legally permitted.

Contact: Forest Finance AG · Phone: + 41 44 921 88 00 · info@forestfinance.ch

The Forest Finance Group offersalmost 20 years of experience inthe afforestation and managementof certified sustainable forestryand agroforestry systems world-wide. The group develops andoperates a range of projects avai-lable for direct and indirect invest-ment by private and institutionalinvestors. ForestFinance is trulyconvinced that there is no conflictbetween successful investing and