Investor Presentation

INVESTOR PRESENTATION

May 2012

Private & Confidential | Greenheart Group DISCLAIMER otherwise for This liabilities advisers No future referred of This results, Group’s operations This Disclaimer

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TABLE OF CONTENT 1. A. 4. 3. 2 2 2. 1. - -

2. 1.

Greenheart Greenheart Appendix Operating Strategy Market Dynamics Suriname New Zealand Ownership Current Assets& Summary Executive 3

Natural Natural Hardwood Group Group –

Softwood Plantations

Overview

Private & Confidential |

GreenheartGroup

4 - 28 27 25 16

7 5 54

Message from our CEO

‘Taking Root’ was the message in our 2010 Annual Report, a year of change - in Suriname – sustainable tropical hardwood ownership, in strategy and most importantly, in people. In 2011, we acted on the changes made, developing the core management team to acquire, operate and market

VERVIEW our hardwood and softwood forest assets.

Despite the volatility we have seen in our share price, the Company’s operations have

- grown steadily and positively in 2011. Our revenue growth is a reflection of our

operating strategy; a dependable and stable softwood business in New Zealand and a developing sustainable hardwood operation in Suriname with high growth potential - both assets supplying sustainable timber to China and other markets around the world.

ROUP In 2012, we will now focus on our core fundamentals, improving the bottom line as

G well as continuing the growth in the top.

New Zealand – renewable softwood In New Zealand, we ramped up our operations quickly, harvesting over 350,000 m3 to become one of the largest exporters from the Northland region. In Suriname, we increased our concessions under management from 184,000 hectares to more than 400,000 hectares, making us the largest forestry company in Suriname with approximately 20% market share. In Hong Kong, we doubled our headcount with a focus on financial prudency, clear corporate governance and transparent communications with our shareholders. Most importantly, we built an international team of world-class foresters for our future growth, who now lead our operations,

REENHEART sales, marketing and acquisition strategy.

Our key principals are safety, environment and sustainability and this sits level with

our focus on profitability, cost and growth. All of this effort is in preparation for what 1. G 1. we believe to be a very bright future for Greenheart. W. Judson Martin Chairman & Chief Executive Officer

4 Private & Confidential | Greenheart Group 1. GREENHEART GROUP - OVERVIEW Greenheart Greenheart Today West Suriname Concessions) (184,000ha Greenheart Resources 5

1. Natural Hardwood Central Suriname: Suma Lumber N.V. Harvesting Rights) (91,750 ha

Harvesting Rights) East Suriname: Vista Services N.V Services (128,000ha Marina Marina . .

Private & Confidential

| GreenheartGroup (13,000

2 . SoftwoodPlantation Mangakahia Forest New Zealand: ha . . freeholdland) Maintain group cash balance (Approximately US$36 million asof US$3631 million

Headquartered and listed Hong in Kong

Leads Leads of Growthpipeline Global

3. CorporateHeadquarters st

December 2011) December

Greenheart Team Hong Kong

W. Judson Martin Andrew Fyfe Daphne Tse

VERVIEW Chief Executive Officer Chief Operating Officer Chief Financial Officer

- David Wu Grant Fenton Edwin Tam Craig Penfold Shirley Wong Ivy Ching

Vice President of Corporate Director of Project Planning Director of Sales & Director of Sales Development & Investor Financial Controller Legal Counsel

Relations & Development Marketing Coordination

ROUP

Suriname Tony Wood Danny Lai Paul Westbrook David van Roy

Director of Operations Director of Finance, Head of Processing Head of Forestry Engineering Regional Head Administration and HR

REENHEART New Zealand Phil Stocker Nick Kingsford Alan Pankhurst Renee Nilsson

Managing Director Operations Manager Professional Forester Woodflow Manager 1. G 1. Northland Forest Managers Northland Forest Managers Northland Forest Managers Northland Forest Managers

6 Private & Confidential | Greenheart Group 2-1. SOFTWOOD PLANTATIONS Photo: New New Zealand Northland Northland Port –

Greenheart Greenheart Photos 7

Softwood Plantations Private & Confidential

| GreenheartGroup

2-1. SOFTWOOD PLANTATIONS Overview of Asset Overview Image: Image: Map of Mangakahia Map of Mangakahia Forest Plantation 8

Mangakahia

Private & Confidential

| GreenheartGroup Marsden Point

. . . . . domestic market as well as supplying the softwood to China and India Exporting high quality harvesting Mature forest immediate for plantation quality with 11,000 ha. of high 13,000 freehold ha. of land Zealand forestry region in New region,Northland 2 Our forests are located in established forestry industry New Zealand has a long and radiata

pine pine

largest

Overview of Radiata Pine

History Financials . Radiata Pine (Pinus Radiata or Monterey Pine) was . Average China CNF price of US$140 per m3 for first introduced to New Zealand in 1859 radiata pine (2011)

. Originally from North America, radiata pine is now . Biggest factors to price are:

planted around the world in North and South . China wood deficit LANTATIONS

America, and in Oceania . Shipping costs P

. Competition from North America/Russia . It is the most prevalent softwood specie in New . NZD:USD exchange rates Zealand, making up 89% of the country’s plantation forests . Radiata pine prices have risen steadily over the last 10 years

Characteristics Key Markets

OFTWOOD . Radiata pine is a light brown to chestnut brown . China is the largest importer of New Zealand radiata 3 S color, the sapwood is creamy white pine, importing almost 8 million m of radiata pine

in 2011

1. 1. . Radiata pine is a versatile timber widely used for a - full range of structural and decorative uses . The second largest importer of radiata pine is Korea,

2 with over 2 million m3 imported in 2011 . The main use is for housing construction such as weatherboards, posts, beams, fencing, concrete . India is the world’s biggest importer of hardwoods formers and retaining walls and is now also demanding softwood. In 2011, it imported over 1.5 million m3 of radiata pine from . Radiata pine is also used for plywood and furniture New Zealand

Photo: Greenheart Radiata Pine

9 Private & Confidential | Greenheart Group

Radiata Pine Cycle – a renewable resource

LANTATIONS

Nursery Pruning Thinning Inventory Harvesting / Replanting • Seeds are planted in a • Between 4-8 years, the • This is conducted when • At around 12-13 years, a • Radiata pine is fully nursery in September / trees undergo selective the trees are around 10 mid-rotation inventory is mature at around 20-25 October and conditioned pruning years old performed years in readiness for uplifting and transplanting into • Process to remove small • The best 350-400 trees • Data on all the trees are • Trees are replanted

the forest branches so the tree per ha. are selected, collected in preparation immediately after OFTWOOD

focuses on trunk growth whilst the others are for harvesting harvesting S • They are planted in the - this means there will be removed

forest after nine months less knots in the tree • Throughout this process, • Different grades of seeds 1. 1.

- (1000 seeds per ha.) when harvested • The trees that are fertilizers are added and are sown, our current

removed re-fertilize the inspection is ongoing forest is a GF9 but we are 2 • Not all trees are pruned soil which also means now replanting at least and decision is based on less competition to the GF19 seedlings market demand best trees

0-1 years 4-8 years 10-15 years 15-20 years 20+ years

10 Private & Confidential | Greenheart Group

Environment & Sustainability

. Radiata pine plantation forestry is an established business in New Zealand due to its suitable climate and land availability

. Our operations are sustainably managed by Northland Forest Managers, who conduct operations to the highest

LANTATIONS standards of sustainability and safety . Timber is the world’s only

P true renewable building . Radiata pine is harvested and replanted on plantation material forest using advanced technology and equipment. Our current forest has a Growth /Form Scale rating of GF9, but are now replanting using GF19 seedlings and above . Radiata pine not only absorbs carbon from the . Radiata pine can help clean up carbon in the atmosphere atmosphere, but it can and the total carbon stored in a typical wood-frame prevent flooding, protect home can equal a car’s emissions for five years against strong winds and OFTWOOD

S clean stream water . Given that radiata pine plantations can yield up to 14 times more wood per ha. than native forests and is a

1. 1. renewable source, it can help the environment - significantly reduce its carbon impact 2 . As well as clearing up the atmosphere, plantations can also protect against wind action, ensure stream water quality and prevent flooding through absorbing excess water

Source: Australian Department of Agriculture, Fisheries and Forestry, bcclimatechange.ca & Northport Website

11 Private & Confidential | Greenheart Group

Export Logistics

Northport 2011 Northport Export Destinations

. Greenheart exports its logs from Northport in 250,000 Marsden Point 200,000

. Northport is the second largest exporting port in 150,000 New Zealand and is a key strategic asset for LANTATIONS 100,000 . Expected to increase Northlands economic growth P capacity of the port due to 50,000 an expanding market for . Some diversity in cargo commodities but - dominated by the forestry sector, 4.0m jasm³ radiata pine logs sustainable cut in Northlands forestry with 2.2m jasm³ marked for export - China - India - Korea - Japan - Other . Extremely environmentally friendly port 2nd largest port in New Zealand Expansion Plans

OFTWOOD . Port is geared to achieve significant growth

S . Depths alongside 13.0m at CD (berth 1 and 2), 14.5m at CD (berth 3) with increasing depths

1. 1. available - . Available area (12 ha.) within the port 2 reclamation for expansion . Designation of rail corridor between Oakleigh and Marsden Point linking in to the Main Auckland Trunk Line - provides access to Auckland and Central North Island

Photo: Northport in Northlands, New Zealand Source: Northport Data

12 Private & Confidential | Greenheart Group 2-1. SOFTWOOD PLANTATIONS 100 120 140 160 180 China CNFPrice and Shipping Costs Radiata Pine Market 40 60 80 20 0 A Note: Source: - Grade Grade priceslog Prices based on average port prices fixed at month of shipment. Prices based on Company Company Data, Pacific Forestry Products 13

Price (CNF China) (CNF Price

NZ Freight NZ

in (US$/m 2011

Average Price 3 )

7 6 5 4 3 2 1 7 Private & Confidential

Khandla Tuticorin (domestic market) New Korea Incheon, Tianjin, China Shanghai, Zhangzhou 6

Zealand Zealand

, India

, India South

China ,

China

GreenheartGroup 3 1

market) 2012 (2 to start inlater Korea expected to Shipment market) India (3 to commenced sales have key market but China remains have decreased costs Shipping CNF) 2011 (China US$162 m per of reached ahigh Radiata pine rd nd

biggest biggest biggest biggest 3

China’s Demand for Radiata Pine

China Import Volume (‘000 m3) China . Radiata pine is an 14,000 . Since 2007, radiata pine has had a major increase in increasingly popular timber 12,000 significance with a five year CAGR of 46.3% used in forming, CAGR: 10,000 CAGR: 46.30% construction, furniture and -7.94% . This is significantly higher than the other timber logs 8,000 that China imports and is attributable to Russia household uses LANTATIONS CAGR: CAGR: 6,000 -8.16% increasing its log export taxes. The extra costs have

P 0.20%

meant that New Zealand has increased its 4,000 . As Russian logs decrease in CAGR: importance in the softwood lot market 2,000 volume, China has turned to -8.10% 0 . According to New Zealand’s Ministry of Agriculture, New Zealand and is now the Red Pine White Spruce Larch Okoume Radiata Pine China imported almost 8 million m3 of radiata pine largest importer of Radiata 2007 2008 2009 2010 2011 in 2011. This represents over 60% of all the Pine Softwood Log Imports by Country into China (‘000 m3) exported radiata pine logs and is a 23% increase from 2010 . In 2011, China imported

OFTWOOD Canada 3 . Radiata pine prices have reached a historical high in almost 8 million m of PNG 2011 at US$162m3 (for A-grade radiata pine) radiata pine

1. S 1. USA

- . The value of softwood and timber imported to New Zealand 38.8% . Radiata pine broke historical 2 China fell 14% in Q4 2011 compared to Q3, due to record in 2011 when market Russia government tightening of monetary policy and 3 limiting lending conditions to ease inflationary price reached US$162/m Total pressures for China but the market is expected to 0 10000 20000 30000 40000 recover by Q3 2012

2010 2011

Source: International Wood Markets: China Bulletin

14 Private & Confidential | Greenheart Group

New Zealand Radiata Pine Markets

New Zealand Radiata Pine Export Volume (m3) India and South Korea

8,000,000 . South Korea and India are the second and third 7,000,000 largest markets for New Zealand radiata pine, 6,000,000 respectively 5,000,000 . South Korea and India are 4,000,000 . South Korea has a long history of importing radiata LANTATIONS the second and third largest 3,000,000 pine and has continually imported a steady annual

P markets for New Zealand 3 volume of around 2 to 3 million m for the past few 2,000,000 radiata pine, making up 30% years 1,000,000 of all exports in 2011

0 . In Q4 2011, South Korea imported 2.4 million m3 of 2003 2004 2005 2006 2007 2008 2009 2010 2011 . India is the ‘next big market’ Korea Japan China India Other countries radiata pine for timber and is expected to Radiata Pine Exports 2011 (million m3) . India has recently overtaken Japan as the third tread a similar path to China

largest importer. RISI has labeled India as the ‘next

OFTWOOD big market’ for timber after China and is expected to . In 2011, India imported over 0.8 follow a similar path as China – albeit ten years 1.5 million m3 of radiata 2.4 slower pine, a 33% increase from 1. S 1. 2010 - . In Q4 2011, India’s imported volume increased

2 3 1.5 21.9% from the last quarter to 405,000m 8.0 . India’s total radiata pine imports in 2011 was 1.5 million m3, accounting for 12% of New Zealand’s radiata pine log exports China India Korea Other Countries

Source: International Wood Markets: China Bulletin

15 Private & Confidential | Greenheart Group 2-2. NATURAL HARDWOOD Photo: Suriname Aerial View of of Aerial Suriname View Forests, Greenheart Photos (for more photos, please visit 16

–

Tropical Hardwood http://www.greenheartgroup.com/en_ir_ho.php Private & Confidential

| GreenheartGroup )

Suriname Overview

KEY STATS

GDP (2011) US$4.7 billion . Suriname is located in South Key Resources Bauxite, gold, oil, iron ore, forestry

America, bordering the ARDWOOD

Population 500,000 Guyana, French Guiana and H

Brazil Capital Paramaribo Official Language Dutch . Suriname has a wealth of natural resources that has Industry Company Staff Listing details/ attracted large multinational

ATURAL Market Cap corporations such as Oil Staatsolie 7,000 N/A IAMGOLD and ALCOA

2. N 2. Gold IAMGOLD 4,700 NYSE:IAG / TSX:IMG . Greenheart Group is the - US$6,554 million largest forestry operator in 2 Suriname Bauxite ALCOA 59,000 NYSE:AA US$12,068 million

Forestry Greenheart 300 HKSE:0094 Group US$65 million

17 Private & Confidential | Greenheart Group 2-2. NATURAL HARDWOOD 100% Countries with high percentages Forestof Coverage Suriname Forest Overview Source: Source: 84% 86% 88% 90% 92% 94% 96% 98%

SBB Forestry Report 2011 French French Guiana 98%

Suriname 95%

Micronesia 92%

Samoa 89%

Seychelles 89%

Private & Confidential 14.8 million ha. of forest 2.03 million ha. available forharvesting Under Greenheart Management Under Greenheart (HKV) Logging License Concession

(not available(not for harvesting) 85% 86% Natural86% Forest

20%

GreenheartGroup

Incidental Logging License (ICL) LicenseLogging Incidental ForestCommunity 44% 22%

100,000 150,000 200,000 250,000 300,000 50,000 Suriname WoodProduction (m Export& 0

Total Round Wood Production Production Wood Total Round 2000

2001

2002

2003

2004

2005 Sawn Wood

2006

2007

2008 3 )

Wood Export Export Wood

2009

2010

Greenheart Group – 403,750 hectares under Management in Suriname

Road

Barge

Container Stuffing

ARDWOOD Paramaribo H

Processing Facility

GH Concession

Log Yard

Container Port ATURAL

West Suriname Concessions 2. N 2. East Suriname - Concessions Central Suriname Concessions 2 184,000 ha. Concessions Harvesting rights Harvesting and 128,000 ha. leasing rights 91,750 ha.

Note; 1. Concession Rights in Western Suriname are owned through Greenheart’s subsidiaries (Epro N.V., Dynasty Forestry Industry N.V. and Octagon International N.V.) 2. Harvesting rights in Eastern Suriname are owned through Greenheart’s joint venture with Vista Marina Services N.V. and its fully owned subsidiary Forest Technologies N.V. who operate through an agreement with the Eastern Concession owners. 3. Harvesting rights in Central Suriname are through an agreement with Suma Lumber N.V., for a term of two years in exchange for a US$6 million financial loan giving Greenheart exclusive harvesting and leasing rights to the Suma concessions

19 Private & Confidential | Greenheart Group 2-2. NATURAL HARDWOOD - - - 3 - - activities 2. Planning - harvesting area 1. Surveying FourSteps in Sustainable Harvesting Process Sustainable Forestry Management .

Pre Flagging Flagging topographical features dimensions and location, tree Tree selection: in boundaries field the blockestablishment of inventory: Block into Allocation water Planning productivity forest and accessibility to analyze the levelof images and satellite maps Using topographical - harvest 100

demarcation and crossings of the harvest of skid trailsof skid ha. ha. of roads and of the of 20

of harvesting of physical physical activities

blocks tree

Private & Confidential - - 4. Harvestactivities ForestStewardship Council (FSC) Log Log extraction through trailsplanned skidding trees Directional felling to minimizedamage to other

GreenheartGroup ultimate goal) 2. FSC achieved 2012)in application HCVF of traditional and rights, civil of harvesting, respect for for FSCcertification operations. There are two stages certification for our assets and Greenheart 1. FSCControlled Wood 100% is aiming aiming is forFSC full

pure (Greenheart’s

criteria (To be : legality

...... Known Species Better possibilities for Lesser clients easier contacts with new Better market access timber Most valued tropical for acceptance Highest government Broadest NGO Highest market recognition Benefits Benefits of FSC

–

price price premium

support

–

2-2. NATURAL HARDWOOD

Sawmill Progress December 2011 December

May 2011

January January 2012

Private & Confidential July July 2011

February 2012

GreenheartGroup September 2011

November 2011 March 2012

2-2. NATURAL HARDWOOD Key Key Hardwood Markets India Vietnam

Guangdong Zhangjiagang Major importing ports: Logs and lumber China

(Shanghai)

Taiwan

Private & Confidential U.S.

| GreenheartGroup Banana Banana Pallets Caricom

Banana Banana Pallets cost housing Construction Greenheart Housing & Lesser known species

Domestic Sales

–

building low building

Certified Certified EuropeMiddle & East

Logs Logs & Lumber

Global Demand for Hardwood

Hardwood Log Exports (‘000 m3) Hardwood Log Prices (US$/m3)

7,000 500 450 6,000 400 . Hardwood exports have 5,000 350 300 generally decreased in the ARDWOOD 4,000 250 3,000 past decade particularly in H 200 2,000 150 South-East Asian countries 1,000 100 50 0 0 . Hardwood log prices have 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 trended upwards as the Brazil Suriname Gabon DRC Brazil Suriname DRC Gabon Malaysia PNG supply of international Malaysia PNG Indonesia ATURAL hardwood decreases China Import Volume (‘000 m3) Log Importers (‘000 m3) 50,000 23.2% 45,000 . China is a dominant market 42326 40,000 2. N 2. 45,000 for tropical hardwood and - 40,000 35,000 34347 35,000 total log imports increased 2 30,000 30,000 46.3% 25,000 23.2% from 2010 to 2011 25,000 21517 20,000 20,000 14711 15,000 15,000 10,000 10,000 5,000 5,000 0 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Logs Lumber China Netherlands India US 2010 2011

Source: ITTO

23 Private & Confidential | Greenheart Group Corporate Social Responsibility

Greenheart Housing and Construction N.V. Climate Compatible Development Agency (CCDA) Local Community . In Q3 2011, we launched Greenheart Housing & . CCDA is a Suriname Government group that . Greenheart works closely with the local Construction N.V. in Suriname focuses on countering the impact of climate communities and indigenous to help improve change their lives

ARDWOOD . This was part of a Government backed initiative

allowing timber and construction companies to . Greenheart has sponsored and teamed up with . In Suriname, Greenheart works with local H

compete in building new homes for low-income CCDA to improve Suriname’s environmental communities that live in our forests by providing families impact on climate change employment, electricity and training

. For more information, please visit . Greenheart and CCDA are exploring education . In Hong Kong, Greenheart collaborates closely www.greenhearthousing.com initiatives to improve the understanding of with Haven of Hope to organize regular events for sustainable forestry in Suriname and around the the local community

ATURAL world

Global Community Organization for Tropical Studies

2. N 2. . Greenheart Group, the Institute for World . In Suriname, the company has been working - Forestry, part of the University of Hamburg and with the Organization for Tropical Studies to 2 the von Thünen-Institute, Germany have help assist the training for the next generation mutually agreed to establish cooperation to of Suriname’s environmental scientists and research how to improve the cost effectiveness of managers sustainable forestry . Greenheart believes that sustainable forest . Greenheart has been awarded the Caring management is the only way to conduct Company Logo by the Hong Kong Council of Social forestry operations and the correct education Service in recognition of our contributions to the of this is vital for our future

Photo: Greenheart Housing Project community, employees and environment

24 Private & Confidential | Greenheart Group

China’s Dilemma – the increasing wood deficit

China Change in Forest Area 2000-2010 (ha.)

30,000,000 China’s urbanization . Between 1995 to 2007, residents in rural areas 20,000,000 YNAMICS dropped from 71.4% to 57%. It is estimated that . Global demand for timber has shifted from the US and D between 2005 to 2025, 350 million people will move 10,000,000 into urban areas Europe to Asia and Middle 0 East Changing global dynamics in timber demand . China’s own supply of timber, despite increasing due -10,000,000

to replanting and growth of domestic plantations is . Demographic shift in China’s ARKET still not enough to satisfy the growth in timber -20,000,000 population from rural to urban areas

M demand -30,000,000

Increasing wood deficit Hardwood Log Imports into China (‘000 m3) 3. 3. . China’s growing economy, . Between 2000 and 2007, wood products 200 consumption in China increased by 274% driven by 182 million m3 wood deficit by 2015 Forecasted mass urbanization and the growing demand for infrastructure, homes / exponential demand for 150 residential construction and furniture timber has created a wood deficit that is estimated to . China’s wood deficit surged 30% in 2011 and is 100 reach 182 million m³ by 2015 3. currently 152 million m This is expected to reach 182 million m3 by 2015, a volume that is more than 50 the entire Canadian timber harvest in 2009 0 1995 2000 2005 2010 2015E Logs Lumber Wood Panels Pulp Woodchips

Source: McKinsey, RISI China Timber Supply Outlook, UN Urbanization Project, Source: RISI China Timber Supply Outlook Wood Markets The China Book Note: Wood deficit based on round wood equivalent (RWE)

25 Private & Confidential | Greenheart Group 3. MARKET DYNAMICS US historically a major importer of Canadian softwood but also an exporter of hardwood lumber hardwood exporteran of also but softwood Canadian of importer major a US historically Note: Source: Globalof Timber andSupply Demand Region Hardwood Tropical Australia is a large exporter of hardwood chips and large importer of softwood lumber softwood of importer large and chips hardwood exporterof large a is Australia ITTO,EstimatesCompany

Major Major Hardwood Exporters Major Softwood Exporters Areas with timber deficit Private & Confidential

GreenheartGroup

. . . . . of timber in the world China is the largest importer plantations and new species forestry practices, Move towards sustainable bans on exports countries increase tariffs and hardwood as some exporting Global decrease in tropical are limited within their own countries imported timber as supply economies demanding more China and other Asian changed in the last decade Global timber dynamics have

4. OPERATING STRATEGY Greenheart Greenheart 4 StepStrategy 4 2 1

. . . Acquisition Growth . . . . . Tropical Hardwood . . . Safety, sustainability, corporate governance& financial stability Prudent managementconsolidated of debt/total capital operations Build softwood increase and on market plantations presencebyacquiring softwood around worldthe Leveragemanagement expertise in tropical new hardwoodgeographies that Greenheartwith work Continue improving livescommunities and the the America such and Northas Europe Marketingintospecies marketsof secondary new management expandbyto 2013 exportmarkets Obtain FSCcertification for underall concessions hardwood Construct processingfacilities maximizeto value of Increasemanagementunder concessions Suriname in governancestandards BolsterGreenheart’s corporate governancethrough regulating companyreportinglines ensuring and practicesinternational entities improvingon processes business Ensurethat operationsare sustainablyout carried byadhering to strict environmental guidelines non and with working Maintain high standards safety of in all harvesting and processingoperations

Private & Confidential

GreenheartGroup

. . . PlantationSoftwood marketsforZealand New softwood Sell into India and Korea,2 synergies and canexplorewhich opportunities providenew StrengthenGreenheart’s Zealandpresence in New program Increasing harvesting volumes and replanting

and and 3

largest export - profit

A. Historical Financial Results 29

B. Investor Trip: Suriname 32

c. Board of Directors & Senior Management 33 PPENDIX

D. Key Biographies 34 A

28 Private & Confidential | Greenheart Group A. HISTORICAL FINANCIAL RESULTS Loss Loss attributable to Shareholder the Period Loss and total Comprehensive Tax Loss Before Tax Share results of associates of Finance costs Non Other Administrative expenses Selling and distribution assets Fair value gain plantation on Other income and gains Gross Profit Cost Sales of Revenue US$’000 Income Income Statement

- cash

operating operating expenses

share share option expenses

costs

forest forest

Loss Loss for

(13,575) (12,045) (11,679) (16,637) (22,077) FY (9,531) (1,531) (3,968) (5,902) 19,844 41,921 2011 5,851 1,079 (633) Private & Confidential -

(11,109) (10,285) FY2010 (8,667) (2,266) (1,778) (2,747) (6,375) (1,327) (1,081) 1,102 3,025 2,935 2,183 (824) (214)

| GreenheartGroup (million) Total NAV per share (HK$) Holders in Company Net Less: Non Net Assets Non Net Current Assets Current Liabilities Current Assets Cash & Cash Equivalents Non US$’000 Balance Sheet

- Assets Attributable to Equity - current Liabilities current

Shares Shares Outstanding

- controlling controlling interest

Assets

FY2011 137,487 169,841 212,507 47,903 32,354 80,873 38,206 36,541 $1.70 9,697 779

FY2010 131,896 164,746 174,791 81,726 32,850 34,296 24,251 57,475 78,680 $1.89 681

A. HISTORICAL FINANCIAL RESULTS 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 10,000 15,000 20,000 25,000 *New Zealand’scontributedHK$192,723,000 to totalrevenueinthe firstthree quarters of2011, representing91% of totalrev Gross Profit Revenue 5,000 5,000 0 0

–

Full Year (US$’000) – 30

Full Year (US$’000)

2,183 1,102 2010 2010

19,844 41,921 2011 2011

Private & Confidential 1,000 2,000 3,000 4,000 5,000 6,000 7,000 10,000 12,000 14,000 16,000 Revenue Gross Profit 6,000 8,000 2,000 4,000 0

0 enu

e duringthee period. Q1 Gross Profit Q1 Gross 207 Q1 Revenue 419 –

QuarterlyBreakdown (US$’000) 2,520 5,159 –

QuarterlyBreakdown (US$’000)

Q2 Gross Profit Q2 Gross | 299 Q2 Revenue 552 GreenheartGroup

2010 2010 5,587 10,747

2011 2011 Q3 Gross Profit Q3 Gross 269 Q3 Revenue 457

11,386 5,218

Q4 Gross Profit Q4 Gross Q4 Revenue 327 756

14,629 6,519

. . . . financials contributor to Greenheart’s Suriname will be a significant Upon ramp complete high Suriname which will produce processing facilities in invest and build the Greenheart continues to growth main contributor to top line New Zealand currently the up stage Greenheart is still in ramp - value sawn

- lumber - up,

- A. HISTORICAL FINANCIAL RESULTS 25,000 30,000 35,000 40,000 45,000 10,000 15,000 20,000 *New Zealand’scontributedHK$192,723,000 to totalrevenueinthe firstthree quarters of2011, representing91% of totalrev Revenue by Source(US$’000) 5,000 0

31 2,142

2010 40

New Zealand

Suriname

38,545 3,375 2011

Private & Confidential Revenues by Country(US$’000) China enu e duringthee period. 6,195

New Zealand

3,439 296

| 326 GreenheartGroup India

83 Suriname

Netherlands

31,582

Hong Hong Kong

. . . . foothold in in foothold Europe to Korea, India and increase Looking to expand markets sales generated through China Over revenue of 75% is annual revenue in Suriname off increase with a 52% in operations starting to pay Ramp up of Suriname total 92%revenue of 2011 New Zealand to contributed

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Private & Confidential Summary Map of Site Visits Day Two

| GreenheartGroup

Day One Day Three

. . . Day Three: East Suriname Day Two: West Suriname Day One: Paramaribo Basic itinerary: November 2011 The trip was held on 7 investors Suriname operations key for Site visit to Greenheart’s

–

C. BOARD OF DIRECTORS & SENIOR MANAGEMENT Craig Penfold Grant Tony Wood David Wu Daphne Tse Andrew Fyfe Judson Martin Tong Yee Yung, Joseph WongChe Keung, Richard WongKin Chi Simon Murray Hui Tung Wah, Samue Judson Martin Name

Fenton ( British) ( ( 33 Hong Kong)Hong New Zealand) ( ( ( ( New Zealand) Hong KongHong New Zealand) New Zealand)

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Private & Confidential Director of Sales & Marketing of Director Planning & DevelopmentProject of Director Operations of Director Corporate Vice (Global) Chief (Global) Operating Chief Officer Chairman, Chief ExecutiveOfficerExecutive & Director Independent Independent Independent Non Director Executive Chairman, Chief ExecutiveOfficerExecutive & Director Title -

President Executive Director

Financial Financial Officer

Development & Investor Investor Development & Relations

Non Non Non

- - -

Executive Director Executive Director Executive Director Executive |

GreenheartGroup

Experienced Zealand, AmericanZealand, Focused Management Management is a mixture of with with international and local Experienced Management Chinese, Canadian, governance on strong corporate nationals directors Team and diverse Board

and British

New New Key Management Biography . Mr. Martin is the Chairman, Chief Executive Officer and an executive director of Greenheart . Mr. Martin is the Chief Executive Officer and an executive director of Sino-Forest and had been an independent non executive director of Sino-Forest since 2006 and its lead director since 2007 . Before joining Sino-Forest Corporation, Mr. Martin was executive vice president and chief financial officer of Alliance Atlantis Communications Inc. from 1999 to 2002 and senior executive vice president and chief financial officer from 2003 to 2005 and consultant to 2007 Judson Martin (Canada) . Mr. Martin began his career with PricewaterhouseCoopers in 1979. In 1982 he joined Trizec Corporation LTD., a TSX listed commercial real estate company then controlled by the Brascan Group. During his thirteen-year tenure with the Brascan group of companies, Mr. Martin

IOGRAPHIES held several senior positions, including Vice President, Finance and Treasurer of Trizec, Executive Vice President and Chief Financial Officer

of Brookfield Development Corporation, and President and CEO of Trilon Securities Corporation. Mr. Martin also served as Executive Vice B

President and Chief Financial Officer of Brookfield Development Corporation . Mr. Andrew Fyfe is Chief Operating Officer of Greenheart Group and a member of the Executive Management Committee of Greenheart EY . Mr. Fyfe has over 30 years of relevant forestry experience to Greenheart. Most recently, Mr. Fyfe served as Chief Operating Officer for a private forestry company based in Hong Kong with assets in China . Mr. Fyfe worked with the Pöyry group for 20 years, overseeing the successful growth of the Asia-Pacific consulting business, sales and marketing and personnel management

D. K D. . Andrew Fyfe (New Zealand) Mr. Fyfe is a New Zealand national and graduated from the University of Canterbury in New Zealand with a Bachelor of Forestry Science . Ms. Tse is Chief Financial Officer for Greenheart and a member of the Executive Management Committee of Greenheart . Ms. Tse has over 16 years of experience in audit, accounting, financing and a strong background in manufacturing and trading companies. . Prior to joining the Group, she worked for Ernst & Young . Ms. Tse graduated from the Chinese University of Hong Kong with a Bachelor degree in Professional Accountancy . She is also a fellow of the Association of Chartered Certified Accountants and a member of the Hong Kong Institute of Certified Public Daphne Tse (Hong Kong) Accountants . Mr. Wu is the Vice President of Corporate Development & Investor Relations and has a background in investment banking and financial communications . Mr. Wu previously worked with global investment bank NM Rothschild & Sons, first in London and then Singapore and with a significant tenure in Moscow, focusing on Russian IPOs on the London Stock Exchange . Mr. Wu then moved to Beijing and finally Hong Kong with global PR agencies Brunswick Group and Edelman, advising Chinese companies listed in the US on their investor relations programs and international corporations on their penetration strategies into China

. Mr. Wu graduated from the University of Cambridge where he studied Economics and Management David Wu (United Kingdom)

34 Private & Confidential | Greenheart Group Key Management Biography . Mr. Wood is the Director of Operations for Greenheart Group and has over 15 years of forestry management experience . He previously held the position of President Director at PT Pöyry Indonesia . Prior to that, he was the Forestry General Manager at Asia Pacific Resources International . Mr. Wood graduated from the University of Canterbury with a Bachelor degree in Forestry Science and can speak a variety of languages including Indonesian, Malay and English Tony Wood (New Zealand)

. Mr. Fenton is the Director of Project Planning & Development and brings over 12 years of forestry experience IOGRAPHIES

. Mr. Fenton has worked in London, Singapore and Australia working with Pöyry Management Consulting B

. He holds a bachelor of Commerce (Forestry) and an Executive MBA

K Grant Fenton (New Zealand) . Mr. Penfold is the Director of Sales & Marketing for Greenheart Group and manages the sales of log and lumber products from New

D. D. Zealand and Suriname . He has 14 years experience in the forestry industry; working extensively in New Zealand, Australia, Canada, USA, Russia, China, PNG and Indonesia for Pöyry Forestry Consulting, Fletcher Challenge Forests and Perforex . Mr. Penfold holds a Bachelor of Resource Management and a Masters of Forestry Science

Craig Penfold (New Zealand) . Mr. Westbrook is CEO of Greenheart Suriname . He is an experienced forestry manager with over 15 years of international experience in South American forests and wood products. Mr. Westbrook is responsible for the overall growth and development of Greenheart Suriname . Mr. Westbrook was previously the founder of Amazon Resources, a trading company based in Brazil focused on developing recovery items for the wood products industry and also Managing Director of Precious Woods Brazil, a company listed on the Swiss Stock Exchange . Mr. Westbrook was in the United States Army from 1986 – 1988 where he served with the 101st Airborne. He studied Wood Technology at North Carolina State University Paul Westbrook (United States)

35 Private & Confidential | Greenheart Group Board Member Biography Simon Murray . Mr. Murray is a non-executive director of Greenheart and joined the Board in August 2010 . Mr. Murray is the Chairman and Director of General Enterprise Management Services Limited and is an independent non-executive Director of Sino-Forest and is also Chairman of Glencore International plc . Prior to this, Mr. Murray was the group Managing Director of Hutchison Whampoa Ltd. from 1984 to 1993 and the Executive Chairman in Asia Pacific for the Deutsche Bank group from 1994 to 1998

Richard Wong Che Keung . Mr. Wong is an independent non-executive director of Greenheart and joined the Board in June 2000 . Mr. Wong is the Honorary Consul of The Republic of Tunisia in Hong Kong and a fellow member of the Canadian Institute of Bankers

IOGRAPHIES . He is also the Chief Executive of Regency Investments & Management Co., Ltd. which engages in direct business investments both locally

and overseas B Joseph Tong Yee Yung . Mr. Tong is an independent non-executive director of Greenheart and joined the Board in May 2001 . He graduated from Southern Illinois University in the USA with a Bachelor of Science degree and obtained an MBA from the University of EY East Asia . Mr. Tong has over 20 years of experience in corporate finance and management for different listed companies in Hong Kong . Currently, Mr. Tong is an executive director and partner of Kelston Holdings (Hong Kong) Limited

D. K D. Samuel Hui Tung Wah . Mr. Hui is an executive director of Greenheart and joined the Board in June 2005 . Prior to this, he was an executive director of the Company from July 2001 to May 2003 . After serving 2 years as Senior Vice President for Sino-Forest, Mr. Hui rejoined the Company as Deputy CEO from 1 May 2005 . Mr. Hui has over 30 years working experience in senior management of major international and local banks, and companies in Hong Kong, Australia and Canada . He is currently a non-executive director of Cafe de Coral Holdings Limited and WLS Holdings . Mr. Hui holds a Bachelor Degree in Social Sciences from the University of Hong Kong and a Master Degree in Business Administration from the Brunel University in the UK Wong Kin Chi . Mr. Wong is an independent non-executive director of Greenheart and joined the Board in Sep 2004 . He is a fellow member of the Hong Kong Institute of Certified Public Accountants and an associate member of the Chartered Institute of Management Accountants of the United Kingdom . Mr. Wong is currently running a company rendering financial and educational management services . He had over 20 years of experience serving as financial controller and senior executive in a number of multi-national corporations and as an auditor in an international accounting firm . Mr. Wong has an MBA degree from the University of Durham of United Kingdom

36 Private & Confidential | Greenheart Group www.greenheartgroup.com

Contact:

David Wu, Vice President of Corporate Development & Investor Relations [email protected]

38 Private & Confidential | Greenheart Group