Net Asset Value

Current NAV

Please see the press release issued Sept 11, 2014.
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Valuation process

All valuations of the Company’s assets, which are used for the purposes of calculating Adjusted Net Asset Value, will be prepared by an independent specialist valuer (engaged by the Company), in accordance with forest industry standard methods and practices, who will be changed every three years to ensure independence and impartiality of judgment. The Company’s current appointed valuer is Indufor Oy.

The Adjusted Net Asset Value and Adjusted Net Asset Value per Share will be calculated by the Administrator in USD and reviewed and approved by the Directors. The Adjusted Net Asset Value will be the value of all of the assets of the Group less the liabilities to creditors of the Group determined in accordance with the valuation policy adopted by the Directors. The valuation will be determined in accordance with IFRS, and then adjusted for purposes of reporting to the Shareholders and for use in the calculation of fees payable.

Deloitte LLP has been appointed as auditor since the incorporation of the Company. Deloitte LLP is a member of the Institute of Chartered Accountants for England and Wales. Deloitte in Guernsey lead the Company audit with fieldwork and valuation assessment from Deloitte teams in Brazil, Colombia and London.

The Company year-end is 31 December and an annual report is produced and audited each year to that date. In addition, Deloitte review the interim accounts of the Company produced to 30 June of each year.