Corporate presentation

Corporate presentation

The Timber Investment Management Organization (TIMO) is a business model originating in North America that integrates the entire forestry value chain to maximize the returns on investment. Currently, this business model is used to manage investments of more than US$100 billion worldwide.

Ecological Forestry S.A.S (ELF) replicates the TIMO model, adjusting it to Colombian market conditions, by linking all the intermediaries in the forestry value chain with these lines of business (LOB): Land Bank Commercial Reforestation Forestry Investment Fund Forestry and Tax Consulting Timber Bank

Who we are Our Mission: Organize and manage innovative business models within the forestry value chain, to optimize the profitability of our clients investments. Our Vision: Be responsable, successful and innovative administrators and coordinators of business models and sustainable forestry investments in Colombia.

Who we are Our Values: Our Skills: Responsability Integrity Transparency Sustainability Leadership Management Coordination Innovation Detailed forestry planning

Forestry Outlook Source: Production Imports and Exports of Selected Forest Products, Recuperado de: Grida.no: http://grid-arendal.herokuapp.com/resources/5076 TIMBER CONSUMPTION FOR EACH 100 INHABITANTS 2015 Latinamerica 35 m 3 Colombia 12.24 m 3 Source: Cadena Productiva Forestal Relacionada con Plantaciones Forestales Comerciales para la Obtención de Madera, Unidad de Planificación Rural Agropecuaria (UPRA 2016), Recuperado de: www.upra.gov.co

Forestry Outlook: Region FORESTRY SURFACE AREA (millions of hectares)* CHILE PERU COLOMBIA BRASIL National territory surface 76.7 128.5 114 851 Natural woods surface 14.3 69 60 528 Plantations surface 2.4 0.1 0.3 9.9 Protected areas 14.6 22.1 24.8 63 *Table compiled from multiple sources such as: (2017) Estrategia Integral de Control a la Deforestación y Gestión de los Bosques en Colombia, Ministerio de Ambiente, Recuperado de: www.miniambiente.gov.co (revisado y ajustado) Recuperado de: http://www.florestal.gov.br/ (2016) Cadena Productiva Forestal Relacionada con Plantaciones Forestales Comerciales para la Obtención de Madera, Unidad de Planificación Rural Agropecuaria (UPRA), Recuperado de: www.upra.gov.co

% FORESTRY CONTRIBUTION TO THE GDP Regional Outlook 0,9 0,8 0,7 0,6 VARIATION IN FORESTRY CONTRIBUTION (%) TO THE GDP BY COUNTRY 2000-2015 0,5 0,4 0,3 0,2 Brasil Chile Colombia Perú 0,1 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YEAR COUNTRY FORESTRY CONTRIBUTION TO GDP BY COUNTRY 2015 GDP 2015 (millions USD) GDP 2015 (%Forestry) FORESTRY PARTICIPATION OVER GDP 2015 (millions USD) Brasil 1.803.653 0,70% 12.626 Chile 242.518 0,60% 1.455 Colombia 291.520 0,20% 589 Perú 189.212 0,22% 409 Source: Banco Mundial, Recuperado de: https://datos.bancomundial.org/indicador/

Forestry Outlook: Colombia COLOMBIA 24.8 million hectares with forestry purposes. Technology packages for species with market demand. Possibility to use the genetic research of other tropical countries. Tax benefits Forestry Incentives (CIF) Forestry projects with an IRR over 15%* Increasing timber demand. It is predicted that for 2022 Colombia will require 7.3 million m 3 of round wood.** Sources: *(2012) Sector Forestal en Colombia, Proexport Colombia. Recuperado de: www.proexport.com.co ** (2016) Cadena Productiva Forestal Relacionada con Plantaciones Forestales Comerciales para la Obtención de Madera, Unidad de Planificación Rural Agropecuaria (UPRA), Recuperado de: www.upra.gov.co

Opportunity: Substitute imports with Colombian forestry production 300000 250000 200000 150000 100000 50000 0-50000 -100000-150000 -200000 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Trade balance in deficit for Colombia Forestry Imports Valor Miles USD CIF Importación Valor Miles USD FOB Exportación Balanza > Forestry Exports FORESTRY TRADE DEFICIT IN MILLIONS OF DOLLARS Year 2014 Year 2015 212,16 133,34-250000 Source: Informe Anual Cadena Forestal 2015 Recuperado de: https://sioc.minagricultura.gov.co/forestal/documentos/

Peso Neto en Kilogramos Opportunity to: Substitute imports with Colombian forestry production COUNTRY OF ORIGEN OF TIMBER IMPORTS BY NET WEIGHT 2016 In 2016 Colombia imported more than 310 thousand tonnes of timber. In the first quarter of 2017 it has imported 113 thousand tonnes. Source: Base de datos por partida arancelaria Dirección de Impuestos y Aduanas Nacionales

Hectares deforested Opportunity: Forestry plantations will supply the unmet national demand, and reduce the pressure on natural forests. HISTORICAL DEFORESTATION IN COLOMBIA Natural forests provide 84.1% of timber for consumption. Year Source: COLOMBIA: Potencial de Reforestación Comercial Diagnóstico, PROFOR (2015). Recuperado de: www.miniagricultura.gov.co

ELF S.A.S leader in the field By being a TIMO, ELF S.A.S links all the intermediaries in the forestry value chain to generate business models and sustainable forestry investments in Colombia. LINES OF BUSINESS (LOB) Land Bank Commercial Reforestation Forestry Investment Fund Forestry and Tax Consulting Timber Bank SUSTAINABILITY

What we do Land Bank Virtual real estate market for rural properties, whether dedicated to forestry or not, subject to verification and clarification. Commercial Reforestation Planning, costing, establishment operation and maintenance of medium and large-scale forestry plantations. Use of native and/or foreign species, on lands previously classified as highly valuable or with forestry potential. Forestry Investment Fund Resources of investors seeking stable and longterm profitability, using forest underpinnings; Land purchases with qualification, establishment of forestry plantations and usable wood valuation (i.e. plantations in progress).

What we do Forestry and Tax Consulting Management of taxes and tax benefits. Elaboration of forestry business models. Consultancy in business transactions associated with plantations (establishment, silvicultural management, harvesting and commercialization of forestry goods and associated services) Auditing and financial management of forestry investments. Timber Bank A virtual market for timber and its derivative products, strictly validated as legal and certified by the Forest Stewardship Council (FSC).

Our core business: FORESTRY AND TAX CONSULTING Tax and tax planning for forestry projects. Pre-feasibility and feasibility forestry studies Tax benefits and incentives (CIF). Land value assessment and usable timber valuation.

Our core business: COMMERCIAL REFORESTATION Business management and administration Planting operation, maintenance and forestry management. Land and usable timber valuation. Forest Management Plan development (PEMF). Support and technical accompaniment in formalities relating to government authorities.

Our core business: LAND BANK Virtual market for properties with or without a vocation towards forestry This is a virtual market to help people offer and find rural properties, which may or may not be dedicated to forestry. This provides suppliers and applicants a marketplace supported with a novel scheme of technically innovative interactive databases.

Our core business: TIMBER BANK Virtual Certified Timber Market This is a virtual market for timber and derivative products - strictly legal and certified by the Forest Stewardship Council (FSC), which allows suppliers and applicants to find eachother through a novel scheme of interactive databases.

Our core business: FORESTRY INVESTMENT FUND INVESTORS FORESTRY FUND INVESTMENT COMMITTEE SURVEILLANCE COMMITTEE PROFESSIONAL OPERATOR PROJECTS Autonomous patrimony MANAGER

Alliances

Our team Juan Manuel Soto CEO Economist and Anthropologist from the University of Los Andes and graduated with a Master s degree in Social Anthropology from Cambridge University. He has multiple studies in Sustainable Development and related subjects. As a national leader in sustainable development issues, he has worked internationally as a consultant from an economic perspective in the forestry and marine sectors. He worked with several well-known NGOs, public organizations and companies like Greenpeace, BID, World Bank, Ministry of Environment and Sustainable Development, UICN and Conservation International in different countries like Australia, Papua New Guinea, Ecuador, Peru, Costa Rica and others, with 25 years of experience. David Mauricio Barragan CFO An Economist and Business Administrator from the University of Los Andes. He possesses experience in management, budgeting, generating financial reports and analysis, and project management. He participated in several projects regarding environmental and social issues in the department of Tolima concerning coffee farmers and endangered ecosystems. He has attended courses on management, project development and implementation, environmental management of natural resources, green marketing, market analysis, leadership, strategy and sustainability, and corporate finance.

Our team John Alexander Florez COO A Forestry Engineer from the University of Tolima. He has a Master s degree in Sustainable Development and The Environment. Together with the black and indigenous communities of the Community Councils of the Quiparadó and Domingodó (Chocó Colombia), he carried out research on the growth of the specie Gmelina arborea in the Collective Territories. He participated for more than nine years in reforestation projects in Antioquia and Choco. Thus, gaining experience in the fields of planning, elaborating, executing, and coordinating projects in the forestry and environmental industry. He also has a deep understanding of black and indigenous cultures (Antioquia and Chocó). He also has experience in developing forestry inventories, cutting and planting units, and sustainable forest management and restoration. Diego Chavarría CCO An Agricultural Engineer from the National University of Colombia and current degree candidate of Industrial Safety, Hygiene and Environmental Management. He is a consultant in supply and production chains, a technical assistant on disease control and an Environmental Management Coordinator. He has experience in research projects on forestry establishment plans in Colombia (technical and financial feasibility), physiological evaluations in postharvest products and in monitoring drainage and irrigation systems.

Juan Manuel Soto Legal Representative/CEO jmsoto@elf.com.co www.elf.com.co Calle 69 No. 10A - 29 Tel. (57-1) 211 8578 / Tel. (57-1) 347 4760 Bogotá D.C - Colombia