1. PAULOWNIA & INTERCROPPING PAULOWNIA WITH BANANA Asia Reforestation Group Inc,. REFORESTATION PROJECT www.asiaforests.com

21. Asia Reforestation Group Inc,. www.asiaforest.com Chan Kim Pham – CEO David Nguyen Chief Operating Officer cum Technical Specialist

24. Asia Reforestation Group Inc,. APPENDIX : Cost of investment in 100 Ha P aulownia : Investing in plantation of 108 ,000 Paulownia s , equivalent to 1.080 trees/ha. P aulownia + Banana : Investing in plantation 66 , 0 00 Paulo w nia s intercropped with 150 , 000 banana trees equivalent to 660 Paulownia trees/ha and 1.500 banana trees/ha. Item P aulownia Paulownia + Banana Seed 3 00 ,000 400 ,000 Fertilizer & Pesticide 1, 100 ,000 1,4 0 0,000 Planting & care 70 0,000 9 20 ,000 Infrastructure cost 4 00 ,000 500 ,000 Administration cost 200,000 180,000 Total (USD) 2,7 00 ,000 3, 400 ,000

25. Asia Reforestation Group Inc,. APPENDIX :Pro-forma Profit and Loss (100 ha of Paulownia) Unit USD 1 , 000 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 INVESTMENT CAPITAL (2, 700 ) B. REVENUES 1 Carbon trading Carbon credit 31 31 31 31 31 31 31 Unit price (USD) 22 25 27 30 32 33 35 Total 679 771 833 926 987 1,018 1,080 2 4-year old timber - - - 1,182 - - - 1,182 3 8-year old timber - - - - - - - 11,550 C. GROSS PROFIT (2, 700 ) 679 771 833 2,108 987 1,018 1,080 12,732 D. PLANT CARE COST - (221) (225) (229) (252) (240) (245) (181) - - - - - - - - - - E. NET PROFIT (2, 700 ) 458 546 604 1,855 748 773 899 12,732 F. PROFIT DISTRIBUTION 1 ARG (20%) - 92 109 121 371 150 155 180 2,546 2 Success fee for ARG 992 2 INVESTOR (2, 700 ) 366 437 483 1,484 598 618 719 9,194 IRR 3 1 % 5 15 % ROI

26. Asia Reforestation Group Inc,. APPENDIX: Pro-forma Profit and Loss (100 ha of Paulownia intercropped with Banana) Unit USD 1 , 000 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 A. INVESTMENT (3, 400 ) B. REVENUES 1. Carbon trading Carbon credit - 19 19 19 19 19 19 19 Unit price (USD) - 22 25 27 30 32 33 35 Total - 415 471 509 566 603 622 660 2. 8-year old timber - - - - - - - - 14,117 3. Banana - 1,587 1,587 1,587 1,587 - - - - C. GROSS PROFIT (3, 400 ) 2,002 2,058 2,096 2,153 603 622 660 14,117 D. PLANT CARE COST - (371) (378) (386) (250) (244) (255) (139) - E. NET PROFIT (3, 400 ) 1,631 1,680 1,710 1,903 359 367 521 14,117 D. PROFIT SHARING 1. ARG (20%) 0% 400 412 419 431 121 124 132 2,823 2. Success fee for ARG 1,111 3. INVESTOR (3, 400 ) 1,305 1,344 1,368 1,522 287 294 417 10,183 IRR 3 9 % ROI 4 92 %