TFS CORPORATION LTD (ASX: TFC)
TFS is the world leader in the management of sustainable Indian sandalwood plantations and the marketing and distribution of sandalwood products to global markets. Founded in 1997 to exploit the success of Western Australian government trials into plantation Indian sandalwood, TFS is today the world’s largest owner and manager of sustainable Indian sandalwood plantations. TFS manages plantation investments on behalf of a range of institutions including a Middle Eastern Sovereign Wealth Fund, the Endowment of one of the US’s most prestigious universities and the Commissioners of the Church of England. TFS is a vertically integrated producer of finished sandalwood products, able to exploit the entirety of the Indian Sandalwood value chain. TFS’s demonstrable plantation management outcomes coupled with a near monopolistic market position and the execution of long term supply agreements with multi-national firms enables it to offer institutional investors the opportunity for high investment returns (Base Case Modelling: IRR: 20%+ / ROI: ~12x). High barriers to entry and the development of extensive plantation establishment, management, value add and distribution IP over the past 15 years uniquely position TFS and its investors to take advantage of the outstanding commercial opportunities inherent in global Indian sandalwood markets (see below).

ABOUT INDIAN SANDALWOOD
Indian sandalwood has a history as a tradeable commodity spanning thousands of years, but is now endangered due to the illegal harvest of wild trees throughout the world. Multiple products are derived from the Indian sandalwood tree, with strong demand from multiple end users across the globe. As a result of this demand/supply imbalance, Indian sandalwood is the world’s most expensive tropical hardwood and continues to increase in price each year. The price of its heartwood has risen at a compounded rate of over 14% per annum since 1991. Indian sandalwood oil is a globally important ingredient in fine fragrances, cosmetics and toiletries, Indian consumer products and for medicinal and pharmaceutical skin care purposes, whilst the heartwood is used for high quality carvings and artefacts and religious worship in the Hindu and Buddhist faiths. Indian sandalwood has deep and mature markets throughout the world, particularly in the fast growing economies of India and China.

TFS Corporation Ltd
169 Broadway
NEDLANDS, WA
AUSTRALIA, 6009
Ph: +61 8 9386 3299
Fax: +61 8 6389 1546
Email: tfs@tfsltd.com.au
Website: www.tfsltd.com.au