Phaunos Timber Fund : Shareholder Update

Phaunos Timber Fund Limited ("Phaunos" or the "Company") April 25, 2017 Company update Investor Presentation

Following the release of the 2016 Annual Report and Consolidated Financial Statements the Company has today issued a supporting presentation for investors by Stafford Capital Partners Limited, the investment manager of the Company.

The investor presentation is available on the Company's website at http://www.phaunostimber.com/

Enquiries: Stafford Capital Partners Limited (Manager)

Michael Goodfellow, [phone]

Media Enquiries:

Phoenix Financial PR

Gordon Puckey: [phone]

Winterflood Investment Trusts (Corporate Broker)

Joe Winkley, [phone]

Phaunos Timber Fund Limited (Chairman) Sir Henry Studholme [e-mail] NOTES TO EDITORS

1. About Phaunos Timber Fund Limited

   Established in 2006, Phaunos Timber Fund Limited ("PTF" or "the Company") invests in a concentrated, but diversified portfolio of timberland and timber-related investments. The Company seeks to provide Shareholders with attractive investment returns over the longer term, largely in the form of capital appreciation, but with some income.

   PTF is a Guernsey-domiciled authorised closed-ended investment scheme, authorised by the Guernsey Financial Services Commission under section 8 of The Protection of Investors (Bailiwick of Guernsey) Law, 1987 (as amended) and the Authorised Closed-ended Investment Schemes Rules 2008 made thereunder. The Company's ordinary shares are traded on the Main Market of the London Stock Exchange.

   www.phaunostimber.com

2. About Stafford Capital Partners Limited

Established in 2000, Stafford Capital Partners ("Stafford") is a leading private markets investment group. It has specialist investment teams working across Real Assets, Private Equity and Credit, and with offices in Austin, Boston, Hanover, London, Sydney and Zurich, has a truly global presence. As at 31 March 2017, Stafford has more than US$4.8 billion under management and advice, with US$2.3 billion

in timberland investments. Stafford was appointed as the Manager of Phaunos on 1 July 2014. (www.staffordcp.com)

Stafford's timberland business provides fund management and advisory services to institutions seeking global timberland exposure; this is achieved through pooled investment vehicles and co-investment opportunities in transactions (which are sometimes larger than the capacity of the primary fund). Stafford's pooled funds offer globally diversified portfolios of timberland assets, and are actively managed to take advantage of developing market trends. Stafford presently manages timber investments in Australia, Brazil, Canada, Central America, Chile, New Zealand, the US and Uruguay.

Stafford Capital Partners is a member of the 'Principles for Responsible Investment' (PRI); these Principles are an internationally agreed upon framework, designed to help institutional investors to incorporate Environmental, Social and Governance (ESG) considerations into their investment decision-making and ownership practices. The PRI has acknowledged Stafford as having incorporated a solid framework for ESG considerations into its investment decision process.

The Company's ticker is PTF.

www.phaunostimber.com