This document is an independent growth and yield projection for acacia tree crops grown specifically on Greenwood Management sites in Brazil. Greenwood Management is a forestry investment company established in 2008. The company has substantial investments within the Brazilian forestry and agricultural sector of Brazil. In this report detailed information is included in regards to local climate for the production of acacia forestry crops for several of the Greenwood Management forestry investment projects located in the Bahia region of Brazil. Currently Greenwood Management have some 5,000 hectares of plantation forestry under management in the region and expects to expand this area substantially over the coming years. In this report growth and yield projections are included for the projects acacia tree crops. It has since been reported independently following UTAD on site inspections and stand analysis that the projected growth rates in this document are currently being overachieved by Greenwood Management. These growth rates are expected to be further overachieved over the coming years after the company's trials of specific clonal species. Acacia is a nitrogen fixing tree species and one of the most important multipurpose species grown on agro-forestry projects. Capable of achieving high growth rates under suitable environmental conditions acacia is a relative to the bean family of plants. Greenwood Management plans to develop processing facilities on site in Brazil over the coming years to further increase the returns from the sale of timber to the local market in the city of Barreiras approximately 25 km from the current site areas.

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